The Institute and Faculty of Actuaries (IFoA) has partnered with the Chartered Institute for Securities & Investment (CISI) to enhance actuaries’ understanding of ethical concerns surrounding artificial intelligence (AI). The collaboration offers IFoA’s more than 32,000 members the chance to pursue CISI’s Certificate in Ethical AI.
Introduced last November, the CISI’s Certificate in Ethical Artificial Intelligence aims to promote ethics and transparency in AI usage. The initiative, part of a programme by Lord Mayor Michael Mainelli (pictured centre), was developed with significant input from a project steering group.
Since its inception, the certificate programme has seen nearly 300,000 global financial services professionals being offered the opportunity to enhance their ethical and transparent use of AI through various collaborations.
The Financial Services Skills Commission (FSSC) recently identified machine learning/AI as a critical future skill for the UK’s financial services sector. According to CISI, its digital continuing professional development modules address all 13 future skills outlined by the FSSC.
IFoA president Kalpana Shah (pictured left) commented: “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.”
Welcoming actuarial professionals to the AI learning and development community, CISI chief executive Tracy Vegro OBE (pictured right) had this to say: “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.”
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