CISI unveils certification in ethical AI
The Educational Charity arm of Chartered Institute of Securities and Investment (CISI), has launched a new certification in Ethical Artificial Intelligence.
The ethical AI learning programme is part of the 695th initiatives of Lord Mayor Professor Michael Mainelli in the City of London on his mission ‘Connect to Prosper’.
According to the Institute, the new programme is poised to boost awareness of the challenges thatthe deployment of Artificial Intelligence (AI) raises, in the Financial Services and to support the society and individual clients and consumers.
Justifying the basis for launching AI for use in the Financial Services, CISI CEO, Tracy Vegro said: “We are responding to member feedback. They told us it is critical for the ethics of AI to be understood to boost innovation and integrity side-by-side. AI systems rely on large amounts of data, which raises privacy concerns. Without ethical guidelines and regulations in place, the misuse or mishandling of data can result in harm to individuals or groups. There are also large and widely misunderstood and misinterpreted implications for professionals working in financial services.
The Statement states further that “CISI ethical AI programme is an innovative new approach for the financial services sector, notably for those working in capital markets, wealth management, financial planning, compliance and operations. Course completion ensures a Certificate to demonstrate competence without having to sit a full exam. You can now register for the Certificate here.”.
Corroborating her, Viscount Camrose, Minister for AI & Cyber, Department for Science, Innovation and Technology said: “There is no doubt AI has the capacity to supercharge our economy, but to reap the benefits of this extraordinary technology, we must first understand and mitigate the risks AI poses – including, making sure it is safely and responsibly used in the financial services sector. This programme will help to increase accountability and unlock further opportunities for integration of AI technology across the sector and beyond.”
By the Statement, the short, online, jargon-busting modules involve 12 hours of study and will be essential for anyone who needs to understand the fundamental ethical and management issues in the deployment of AI in finance. It is available to both CISI members and non-members.
“Designed by a global team of experts, these new online modules cover the main definitions of AI, the ethical challenges, global developments and how regulators are reacting. They will help everyone working across the financial services sector, from individual client relationships to global capital markets, across a range of experiences including those new to our profession to accomplished board professionals.”
“With our initiative, we are trying to ensure that financial and professional services practitioners understand that AI systems need to be transparent, accountable and inclusive. As AI becomes more advanced and widespread, there are growing concerns about issues such as bias, transparency, accountability, safety – and employment trends. A number of major global asset and wealth managers, banks and insurers have approached the CISI regarding its new Certificate in Ethical Artificial Intelligence.”
“The CISI’s recent Annual Integrity Debate featured an ethical dilemma regarding the use of AI. The CISI will be running a series of webinars on the issue of ethics in AI, including this with the FCA 22 November.”, the statement read.
