This eLearning course provides comprehensive training on the responsible use of artificial intelligence (AI) within financial services firms. As AI tools become increasingly powerful and widely available, they present both significant opportunities and substantial risks for the financial services sector. The FCA expects firms to use AI in a way that is safe, transparent, and fair, and to have appropriate governance and oversight arrangements in place.
The course begins by explaining what AI is and the different types of AI tools that are relevant to financial services, from large language models and generative AI to machine learning algorithms used in data analysis and decision-making. It covers the potential benefits of AI, including increased efficiency, improved data analysis, and enhanced customer service, while also addressing the significant risks, including the potential for biased or inaccurate outputs, data security concerns, and the risk of over-reliance on AI-generated content.
The training addresses the regulatory expectations around AI use in financial services, including the FCA's principles for AI, the requirements around model risk management, and the obligations under the Senior Managers and Certification Regime (SM&CR) for senior management oversight of AI systems. It covers the data protection and confidentiality considerations that arise when using AI tools, including the risks of inputting client or proprietary data into third-party AI systems, and the GDPR implications of automated decision-making.
Practical guidance is provided on using AI responsibly in day-to-day work, including the importance of always reviewing and validating AI outputs, the need for human oversight and judgement, the documentation of AI use in decision-making processes, and the importance of being transparent with clients about the role of AI. The course also covers the emerging regulatory landscape around AI, including international developments and the likely direction of future regulation. Upon completion, learners will understand the risks and opportunities of AI, their regulatory obligations, and how to use AI tools responsibly and effectively in their professional roles.
