22 July 2024
The Institute and Faculty of Actuaries (IFoA), the UK’s only chartered body for educating, developing and regulating actuaries, is working with the Chartered Institute for Securities & Investment (CISI) to support actuaries in their understanding of ethical issues when deploying artificial intelligence (AI).
Through this new collaboration, the IFoA’s 32,000+ members will have the opportunity to study for CISI’s Certificate in Ethical AI.
The CISI launched its Certificate in Ethical Artificial Intelligence in November last year as part of its campaign to champion ethics and transparency in the use of AI. The Certificate was introduced as part of Lord Mayor Michael Mainelli’s ethical AI initiative with key input from the project steering group.
Since launch, the CISI’s collaborations with professional and industry bodies indicate that almost 300,000 global financial services practitioners have been offered the opportunity to boost their skills and learning in respect of ethics and transparency in the use of AI.
Machine Learning/AI was listed as a priority future skill for the UK financial services sector by the Financial Services Skills Commission (FSSC) in a recent report, with the CISI noting that every one of the FSSC 13 future skills were being addressed by CISI’s digital CPD modules.
Kalpana Shah, IFoA President, said: “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.”
Tracy Vegro OBE, CISI Chief Executive Officer, said: “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 said: “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.”
~ENDS~
Lora Benson: +44 20 7645 0662 / +44 7801 521034 or lora.benson@cisi.org
Hannah Patmore: 07519106714 or hannah.patmore@actuaries.org.uk
The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.
Based in the City of London, with origins in the London Stock Exchange, the CISI is a charity with global reach through its representative offices in financial centres such as Colombo, Dubai, Dublin, Glasgow, London, Manila, Mumbai and Nairobi. We work in close co-operation with regulators, firms and other professional bodies worldwide and over 44,000 examinations were taken in 81 countries in the last twelve months. With over 54,000 members in over 100 countries the CISI is the professional body which sets examinations and offers qualifications for those working in or looking to establish a career in financial planning, wealth management and capital markets.
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long-term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.