“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,” says Michael Mainelli, Chartered FCSI(Hon), Lord Mayor of the City of London 2023–24 and patron of the 695th Lord Mayor’s Ethical AI Challenge.
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.
If you’re in search of a jargon-busting course that not only delves into the core definitions and global developments in the field of AI but also explores its ethical dilemmas and what they mean for financial services, as well as the responses of regulators, this course offers an outstanding overview. This course, designed by a global team of experts, is relevant for wealth and investment managers and those working across other financial services functions, including risk, compliance, asset management, banking, insurance, operations and financial planning. Completion of the course will give you the Certificate in Ethical AI that you can use to demonstrate your competence in this area.