The Institute and Faculty of Actuaries (IFoA), the UK’s only chartered body for the training, development and regulation of actuaries, is working with the Chartered Institute for Securities & Investment (CISI) to help actuaries understand the ethical issues when deploying artificial intelligence (AI).
Through this new collaboration, IFoA’s more than 32,000 members will have the opportunity to study for CISI Certificate in Ethical AI.
The CISI has launched its Certificate in Ethical Artificial Intelligence last November as part of its campaign to promote ethics and transparency in the use of AI. The certificate was introduced as part of Mayor Michael Mainelli’s campaign AI ethics initiative with the essential contribution of the project steering group.
Since its launch, CISI’s collaborations with professional and industry bodies indicate that nearly 300,000 global financial services practitioners have had the opportunity to enhance their skills and learning on ethics and transparency in the use of AI.
Machine learning/AI has been listed as a priority skill for the UK financial services sector by the Financial Services Skills Commission (FSSC) in a recent report, with CISI noting that each of the FSSC 13 future skills were approached by CISI Digital Continuing Education Modules.
Kalpana Shah, President of IFoA, said:“We are pleased to partner with CISI to offer this training on ethical AI. Many of our members are already engaged in AI, but it is critical that all actuaries understand both its potential and its implications. We want to help our members develop their AI expertise in a variety of areas, including improving analytics, improving processes, monitoring, and ensuring ethical use while avoiding bias. This course is a valuable addition as we continue to expand our AI-focused learning offerings for members.”
Tracy Vegro OBE, CEO of CISI, said:: “We are delighted to announce this partnership with the IFoA and welcome actuarial professionals to the CISI AI Learning and Development Community. As the leading global professional body that qualifies, supports and advocates for actuaries, the risk management and analytical skills of IFoA members are more critical than ever in a world of business and geopolitical uncertainty.
“Technology and trust must go hand in hand and ethical frameworks are essential to the development of AI, supported by industry-wide skills and training. Responsible deployment of these technologies is at the heart of the agenda.”
Mayor Mainelli said:“The rollout of CISI’s Ethical AI initiative, a central part of this year’s Connect to Prosper Mayoral programme, across our professions – accountants, now actuaries, bankers and more – is evidence of the key role this technology plays in any economic development. In Britain, our new government has declared high, sustainable and inclusive growth that respects the environmental limits of our planet as a ‘national mission’. Putting ethical issues at the centre of any business, professional or policy decision on the deployment of generative AI is a key step towards the lasting success of this project.”
