CISI launches ethical AI learning programme

21 November 2023

The Chartered Institute for Securities and Investment has launched a new certificate in ethical artificial intelligence as part of its campaign to promote ethics and transparency in the use of AI.

The programme is designed to help ensure that AI is developed and deployed in ways that “benefit society and individual clients and consumers,” the industry body said.

The short, online modules, open to both CISI members and non-members, involve 12 hours of study and will cover the main definitions of AI, the ethical challenges, global developments and how regulators are reacting. CISI said the certificate will be “essential” for anyone who needs to understand the fundamental ethical and management issues in the use of AI in finance.

Tracy Vegro, CEO of CISI, said the new certificate was driven by member feedback, which highlighted the importance of the ethics of AI being understood in order to boost innovation and integrity.

Vegro said: “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.”

Vegro said its initiative is attempting 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. If people do not believe that AI is being developed and used in a responsible and ethical manner, they hesitate to use or interact with beneficial technologies. This course will help our members understand the issues and opportunities posed by AI in financial services,” Vegro added.

The ethical AI programme is part of Lord Mayor of the City of London, Alderman Professional Michael Mainelli’s ethical AI initiative.

Professor Mainelli said: “AI has the potential to affect society and individuals materially in both positive and negative ways. Rapid development of AI technology means that ethical considerations must be taken into account from the beginning of the design process.”

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