UK industry body for the fintech community, Innovate Finance, has confirmed it will distribute the CISI Certificate in Ethical Artificial Intelligence (AI) to its members.
This new partnership means that the CISI Certificate in Ethical AI will be added to Innovate Finance’s online learning program and made available to all Innovate Finance members.
An educational and professional charity, CISI has more than 53,000 members worldwide, based in more than 100 countries. The Institute provides qualifications and online lifelong learning opportunities to those working or aspiring to work in the capital markets, financial planning and wealth management professions.
CISI launched its Certificate in Ethical Artificial Intelligence (AI) in November 2023 as part of its campaign to champion ethics and transparency in the use of AI. The certificate was introduced as part of an ethical AI initiative by the Lord Mayor of the City of London, Michael Mainelli, Chartered FCSI (Hon), with key input from the Lord Mayor’s Steering Group for this project.
Since its launch, 3,000 professionals, 7 financial services regulators and 4 central banks in 50 countries have registered for the CISI certificate in ethical artificial intelligence (AI).
Machine learning/AI is listed as a priority future skill for the UK financial services sector by the Financial Services Skills Commission (FSSC) in its recent report.
Janine Hirt, CEO of Innovate Finance, said: “We are delighted to partner with CISI to offer the CISI Certificate in Ethical Artificial Intelligence to our members. Our world-leading UK fintech sector has consistently led the way in harnessing new technologies to improve the financial services sector for consumers across the country. This course will provide our members with an in-depth understanding of the fundamental ethical and management issues related to the deployment of artificial intelligence, helping to ensure that we use this technology safely and responsibly.
Tanveer Bhatti, Head of Model Risk Management Group at Revolut, said: “At Revolut, understanding the ethics of AI is essential to ensuring the security and trust of our customers who use our banking app. We have enrolled our senior leaders in the CISI and Innovate Finance AI certificate, enabling them to upskill and reinforce our commitment to the responsible use of AI and customer protection.
Tracy Vegro OBE, CEO of CISI, said: “It is a great privilege to work alongside our partners Innovate Finance and support them in their vision to improve the understanding of AI ethics for their members . This is the first of many future digital skills and financial literacy projects that we will collaborate on with Innovate Finance. Innovation and integrity must go hand in hand and AI systems rely on large amounts of data, raising privacy concerns. Without ethical guidelines and regulations in place, misuse or mismanagement of data can harm individuals or groups.
“We want to help the community of fintech and professional services practitioners understand that AI systems must be transparent, accountable and inclusive. As AI becomes more advanced and widespread, growing concerns about issues such as bias, transparency, accountability, security, and employment trends are emerging. If people do not believe that AI is developed and used responsibly and ethically, they will be hesitant to use or interact with beneficial technologies. This course will help Innovate Finance members understand the challenges and opportunities posed by AI in financial services.
The certificate will be available to Innovate Finance members on July 1, 2024.
