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."