Innovate Finance to Offer Certificate in Ethical AI to Members
Innovate Finance, the UK's industry body for the fintech community, has formed a new partnership to distribute the CISI’s Certificate in Ethical Artificial Intelligence (AI) to its members. This collaboration will add the CISI’s Certificate in Ethical AI to the Innovate Finance eLearning programme, making it available to all members.
What is the CISI?
The Chartered Institute for Securities & Investment (CISI) has a global membership of over 53,000 people in more than 100 countries. The Institute provides qualifications and lifelong eLearning for those working or aspiring to work in capital markets, financial planning, and wealth management professions.
Introduction of Certificate in Ethical AI
The CISI introduced its Certificate in Ethical AI in November 2023 as part of its campaign to promote ethics and transparency in the use of AI. The initiative was launched with support from City of London lord Mayor Michael Mainelli and his steering group. To date, 3,000 professionals, 7 financial services regulators, and 4 central banks across 50 countries have registered for the certificate.
Machine Learning/AI as a Priority Skill
According to a recent report by the Financial Services Skills Commission (FSSC), Machine Learning/AI is deemed a priority future skill for the UK financial services sector.
Comments from Industry Leaders
Janine Hirt, CEO of Innovate Finance, 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 using new technology to improve financial services for consumers. This course will help our members understand the ethical issues and management challenges in the use of AI, ensuring its safe and responsible application.”
Tanveer Bhatti, Group Head of Model Risk Management at Revolut, highlighted the importance of AI ethics: “At Revolut, understanding AI ethics is vital for ensuring the safety and trust of our customers. We've subscribed our senior leaders to the CISI and Innovate Finance AI certificate, reinforcing our commitment to responsible AI use and customer protection.”
Tracy Vegro, CISI CEO, said: “We are privileged to partner with Innovate Finance to support their members in understanding ethics in AI. This is the first of many future digital skills and financial literacy projects we plan to collaborate on. Innovation and integrity must go hand in hand, especially as AI systems rely on large amounts of data, which raises privacy concerns. Without ethical guidelines, data misuse can harm people.”
Why is Ethical AI Important?
Ethical AI ensures that AI systems are transparent, accountable, and inclusive. As AI becomes more advanced, concerns about bias, transparency, accountability, and safety grow. Without trust in AI’s responsible and ethical use, people may hesitate to engage with these beneficial technologies. The course will help Innovate Finance members understand both the challenges and opportunities AI presents in the financial sector.
The Certificate in Ethical AI will be available to Innovate Finance members starting 1 July 2024.
