Towards Algorithm Auditing: A Survey on Managing Legal, Ethical and Technological Risks of AI, ML and Associated Algorithms

Business reliance on algorithms are becoming ubiquitous, and companies are increasingly concerned about their algorithms causing major financial or reputational damage. High-profile cases include VW’s Dieselgate scandal with fines worth of 34.69B, Knight Capital’s bankruptcy (~50M) by a glitch in its algorithmic trading system, and Amazon’s AI recruiting tool being scrapped after showing bias against women. In response, governments are...