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Data Science Ethics

IFoA ethical and professional guidance on Data Science

The Institute and Faculty of Actuaries (IFoA) has produced non-mandatory ethical and professional guidance on Data Science for IFoA members. It contains a number of illustrations and case studies to help members who may be faced with ethical or professional issues when carrying out data-science related work.

Download the guide here.

RSS and IFoA logos

The IFoA and the Royal Statistical Society (RSS) collaborated to explore the practical and ethical implications of data science. They published joint ethical guidance which was developed by the IFoA-RSS Joint Data Science Focus Group, compromising of RSS and IFoA volunteer members, and approved by the IFoA Regulation Board.

Download the guide

Ethical guidance in data science

Both the Institute and Faculty of Actuaries (IFoA) and the Royal Statistical Society (RSS) believe that the emergence of data science – the analysis of large, unstructured datasets often drawing on new kinds of data sources – is an important development.

Data science and artificial intelligence (AI) has the potential to greatly enhance the tools and capacities of those working in statistics and actuarial science, providing new approaches to longstanding problems and opening up new sectors and industries to our members.

This great potential impact can lead to difficult ethical challenges for practitioners and calls for a need for strong ethical values and professionalism if the public interest is to be supported.

To that end, the RSS and the IFoA have worked together to jointly produce n ethical framework for their members and practitioners working in the field of data science.

Although this is a fast-moving field, we believe that a framework which draws upon established and reoccurring ethical themes concerning trustworthiness, professionalism, accountability, avoiding harm and the safeguarding of the public interest is well placed to provide helpful guidance for the field as it evolves.

By bringing our core professional values and commitment to the public interest, which lies at the heart of our respective professions to the field of AI and data science, our goal is to build public trust in the work that our members undertake through the application of data ethics.

Created with practitioners in mind, this guide seeks to provide practical support to members on ethical practice. Structured around five core ethical themes, the guide provides examples of common ethical challenges in the field and how they could be applied. We also provide a wealth of reference material; with links to a wide range of online tools, legal and regulatory reference points, and a host of other practical resources on our websites.

Although we’re sure that ethical theory and practice will continue to evolve, we’re pleased to be able to offer a strong framework for that evolution that aims to support the work of our members, maximise the benefits inherent in data science and protect the public interest.

John Taylor
IFoA President

Professional Skills training videos 

We have developed two online Professional Skills Training videos which focus on the challenges of working in a multidisciplinary project team to implement a pilot using AI technology for insurance renewal pricing. These videos can be accessed by members below.

Contact Details

If you any comments or queries in relation to the guidance, please contact us at

dataethics@actuaries.org.uk

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.