The Institute and Faculty of Actuaries (IFoA) is collaborating with the Chartered Institute for Securities & Investment (CISI) to improve actuaries’ understanding of the ethical issues surrounding artificial intelligence (AI).
This collaboration enables more than 32,000 IFoA members to study for the CISI Certificate in Ethical AI. It was launched in November last year, as part of CISI’s effort to promote ethics and transparency in artificial intelligence, and was developed with heavy involvement from Mayor Michael Mainelli’s Ethical AI Initiative.
Since its inception, nearly 300,000 financial services professionals around the world have had the opportunity to improve their skills in AI ethics and transparency through CISI cooperation.
The Financial Services Skills Commission (FSSC) has recognised machine learning and artificial intelligence as priority future skills for the UK financial services sector, and CISI’s digital continuing professional development programmes target all 13 capabilities listed by the FSSC.
Kalpana Shah, President of IFoA, said: “We are pleased to partner with CISI to deliver this training on ethical AI. Many of our members are already engaged with AI, but it is essential 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, providing oversight and ensuring ethical use while avoiding bias. This course is a valuable addition as we continue to expand our AI-focused learning offering for members.”
Tracy Vegro OBE, CISI Chief Executive, 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, IFoA members possess risk management and analytical skills that are more crucial 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. “The responsible deployment of these technologies is at the heart of the agenda.”
Mayor Mainelli says: “The rollout of CISI’s AI Ethics 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 heart of any business, professional or policy decision on the deployment of generative AI is a key step towards the lasting success of this project.”
