- 1 Marks
BCL – L1 – SA – Q11 – Company Directors and Other Officers
Describes role of a company secretary.
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KWE Bank is part of a large financial services group in Kumasi, KWE Group. KWE Bank provides personal loans to individuals. In order to determine whether a customer is an acceptable credit risk for a loan to be offered, KWE has used the information provided by the customer in their application form together with an employer’s salary reference.
KWE intends to introduce a more sophisticated credit risk assessment system to determine whether loans should be advanced to customers. This system will combine information from the credit application with any information about the customer held by KWE Group and unstructured information about the customer obtained from their online activity. This data will be analysed by an AI-based credit assessment system that uses machine learning to improve the accuracy of its credit assessments over time.
Required:
Outline three ways in which KWE’s new credit assessment system may lead to practices that are likely to be viewed as unfair.
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