The Chartered Institute for Securities & Investment (CISI) and leading global accountancy body ACCA (the Association of Chartered Certified Accountants) are working together to help the accountancy profession enhance its understanding of ethical issues when deploying AI.

Through this new collaboration, ACCA’s quarter of a million members will have the opportunity to study for CISI’s Certificate in Ethical AI. AI experts at ACCA contributed content to the certificate, which will be available on ACCA Learning, its dedicated continuing learning platform for finance professionals.

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 e-learning 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 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 steering group for this project. Michael is a chartered honorary fellow of the CISI, and also a fellow of ACCA and of BCS — The Chartered Institute for IT, which has developed a parallel qualification as part of his initiative, focusing on the technical aspects.

Since launch, more than 3,500 professionals, seven financial services regulators and four central banks across more than 50 countries have registered for the CISI Certificate in Ethical 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.

Helen Brand OBE, ACCA chief executive, said: “AI brings huge opportunities to a wide range of financial and business areas, from planning and audit, through to compliance, data analytics and sustainability. But it also brings risks such as poor transparency and bias. It’s vital that AI is adopted in a responsible way, and accountants with their long-standing commitment to ethics are central to driving this. So we’re delighted to be working with CISI to enhance skills in this area.”

Tracy Vegro OBE, CISI chief executive officer, said: “We are delighted to confirm this partnership with ACCA, whose objectives are aligned with our own in developing high ethical standards for global practitioners. 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 UK has become a trailblazer in the development and adoption of AI, harnessing the immense growth opportunities that it brings. We face two headwinds — a growing skills gap, from board to entry level, and what are, for many, unprecedented ethical perils in AI’s deployment. I am delighted that the three professional bodies of which I am proud to be a fellow — the ACCA, BCS and the CISI — have joined their formidable complementary forces to tackle these head on.”

For learners

For more details or to purchase the course for yourself or your finance team, visit ACCA Learning

For media enquires contact Lora Benson +44 20 7645 0662/ +44 7801 521034 or lora.benson@cisi.org

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About the Chartered Institute for Securities & Investment

The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.

Based in the City of London, with origins in the London Stock Exchange, the CISI is a charity with global reach through its representative offices in financial centres such as Colombo, Dubai, Dublin, Glasgow, London, Manila, Mumbai and Nairobi. We work in close co-operation with regulators, firms and other professional bodies worldwide and over 44,000 examinations were taken in 81 countries in the last twelve months. With over 53,000 members in over 100 countries the CISI is the professional body which sets examinations and offers qualifications for those working in or looking to establish a career in financial planning, wealth management and capital markets.

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About ACCA

We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.

Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.

Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.

Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.

Find out more at: www.accaglobal.com