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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

  • Actuarial Innovation in the COVID-19 era

    This event is online. 
    26 April 2021 - 7 May 2021
    Spaces available

    Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.

  • Spaces available

    This event is also repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place if Tuesday is your preferred choice.

    Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.

  • Europe Town Hall

    28 April 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.

  • Spaces available

    Sessional Meeting - Free to viewMis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern

  • Spaces available

    This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.

  • Spaces available

    Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.

     

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.

  • Spaces available

    Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.

    The Business of the AGM

  • Spaces available

    This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.

    The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.