The Institute and Faculty of Actuaries (IFoA) is collaborating with the Chartered Institute for Securities & Investment (CISI) to enhance actuaries’ understanding of ethical issues in artificial intelligence (AI).
This collaboration allows over 32,000 IFoA members to study for CISI’s Certificate in Ethical AI. It was launched in November last year, as part of CISI’s drive to promote ethics and transparency in artificial intelligence, and was developed with strong involvement from Lord Mayor Michael Mainelli’s ethical AI initiative.
Since its inception, almost 300,000 worldwide financial services practitioners have been given the opportunity to improve their abilities in AI ethics and transparency through CISI cooperation.
The Financial Services Skills Commission (FSSC) recognised machine learning and artificial intelligence as priority future skills for the UK financial services sector, and CISI’s digital CPD programmes target all 13 of the FSSC’s listed capabilities.
IFoA president Kalpana Shah says: “We are pleased to partner with CISI to deliver this ethical AI training. Many of our members are already engaged with AI, but it is vital for all actuaries to grasp both its potential and implications. We want to support our members in building their AI expertise in a range of areas including enhancing analytics, improving processes, providing oversight, and ensuring ethical use while avoiding biases. This course is a valuable addition as we continue to build our AI-focussed learning offer for members.”
CISI chief executive officer Tracy Vegro OBE says: “We are delighted to announce this partnership with the IFoA and to welcome actuarial professionals to the CISI AI learning and development community. As the leading global professional body qualifying, supporting, and championing actuaries, the IFoA member risk management and analytical skillset is evermore crucial in a world of business and geo-political uncertainty.
“Technology and trust must go hand in hand and ethical frameworks are essential for AI development, supported by industry-wide skills and training. Responsible deployment of these technologies is central to the agenda.”
Lord Mayor Mainelli says: “The buildout of the CISI’s ethical AI initiative, a core part of the overall Connect to Prosper Mayoral programme this year, across our alphabet of professions – accountants, now actuaries, bankers and so on – is evidence of the key role that this technology is playing in any economic development. In Britain, our new government has characterised high, durable, and inclusive growth that respects the environmental limitations of our planet as a “national mission.” Bringing ethical issues to the centre of any business, professional or political decision on the deployment of generative AI is a key step towards enduring success on this project.”