The Chartered Institute for Securities & Investment (CISI) and global accountancy body ACCA (the Association of Chartered Certified Accountants) have teamed up to help the accountancy profession boost its understanding of ethical issues when using AI.

The collaboration will give ACCA's quarter of a million members 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 learning platform for finance professionals.

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. Mr Mainelli 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 being launched, 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.

Helen Brand, 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.”

Tracy Vegro, CISI chief executive, said: “ACCA 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.”

Educational charity and professional body the CISI has a global membership of more than 53,000 based in more than 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.