The UK’s industry body for the fintech community, Innovate Finance, has confirmed it will be distributing the CISI’s Certificate in Ethical Artificial Intelligence (AI) to its membership.
This new partnership means that the CISI’s Certificate in Ethical AI will be added to the Innovate Finance elearning programme and made available to all Innovate Finance members.
Educational charity and professional body the CISI has a global membership of over 53,000 based in over 100 countries. The Institute offers qualifications and lifelong elearning opportunities for those working or aspiring to work in the capital markets, financial planning and wealth management professions.
The CISI launched its Certificate in Ethical Artificial Intelligence (AI) in November 2023 as part of its campaign to champion ethics and transparency in the use of AI. The certificate was introduced as part of an ethical AI initiative by the City of London Lord Mayor Michael Mainelli, Chartered FCSI(Hon), with key input from the Lord Mayor’s steering group for this project.
Since its launch, 3,000 professionals, 7 financial services regulators and 4 central banks in 50 countries have registered for the CISI Certificate in Ethical Artificial Intelligence (AI).
Machine Learning/AI is listed as a priority future skill for the UK financial services sector by the Financial Services Skills Commission (FSSC) in its recent report.
Janine Hirt, CEO of Innovate Finance (left) said: “We are delighted to be partnering with CISI to offer our members the CISI Certificate in Ethical Artificial Intelligence. Our world-leading UK fintech sector has always led the way in harnessing new technology to improve the financial services industry for consumers across the country. This course will provide our members with an in-depth understanding of the fundamental ethical and management issues in the deployment of artificial intelligence, helping to ensure we utilise this technology in a safe and responsible way.”
Tanveer Bhatti, group head of Model Risk Management at Revolut said: “At Revolut, understanding AI ethics is vital for ensuring the safety and trust of our customers who use our banking app. We've subscribed our senior leaders to the CISI and Innovate Finance AI certificate, allowing them to upskill and reinforcing our commitment to responsible AI use and customer protection.”
Tracy Vegro OBE, CISI CEO said: “It’s a great privilege to be working alongside our partners Innovate Finance and to support them with their vision to boost the understanding of ethics in AI for their members. This is the first of many future digital skills and financial literacy projects we will be collaborating on with Innovate Finance. Innovation and integrity need to go hand in hand and 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.
“We want to support the fintech and professional services practitioner community to 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 Innovate Finance members understand the issues and opportunities posed by AI in financial services."
The certificate will become available to Innovate Finance members on 1 July 2024.