Why study this course?
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.
Ideally, AI systems are transparent, accountable and inclusive, and do not reinforce or
amplify existing inequalities. 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. Our ethical AI initiative, part of the 695th Lord Mayor of the City of
London’s Ethical AI Initiative, aims to help ensure that AI is developed and deployed in
ways that benefit society while minimising potential harm.
This short course is essential learning for anyone wanting to understand the fundamental ethical and management issues in the deployment of AI in finance.
The 695th Lord Mayor's Ethical AI Project
We are working closely with the 695th Lord Mayor elect, Alderman Professor Michael Mainelli Chartered FCSI(Hon), on his Ethical AI Initiative. The project aims to establish ethical guidelines and principles for AI development to encourage transparency and accountability in AI systems. For financial professionals, we are pleased to launch the CISI's new Ethical Challenges of AI certificate. The Initiative is developing other professional sectors as well.
“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”
Mainelli, Chartered FCSI(Hon), Lord Mayor Elect of the City of London 2023–24 and
patron of the 695th Lord Mayor’s Ethical AI Challenge.