The Emerging Banking Leaders Programme

While AI offers immense potential, it also raises complex ethical questions about bias, privacy, transparency, and accountability. This programme empowers financial professionals to navigate the ethical landscape of AI, cultivating a culture of responsible innovation that fosters public trust and long-term sustainability.

Programme Outline

Learning Objectives

By the end of the programme, participants will be able to:

Define ethical culture within the financial sector and explain its importance for responsible AI use.
Identify and analyse ethical dilemmas arising from the integration of AI into financial services.
Understand key global and Singapore-specific regulations and ethical frameworks governing AI implementation.
Apply practical decision-making tools to evaluate AI systems from an ethical perspective.
Develop strategies to foster an ethical AI culture within their organizations, emphasizing leadership, employee training, and governance structures.

Programme Outline

Module 1: Introduction to Ethical Culture and AI in Financial Services (1 hour)
Icebreaker: Ethical Decision-Making Scenarios
Participants will be presented with brief scenarios involving ethical dilemmas in financial services. They will discuss their initial responses and the factors influencing their decisions
Defining Ethical Culture and its Relevance
Explanation of ethical culture: The shared values, beliefs, and practices that guide decision-making within an organization, emphasizing integrity, fairness, and transparency
Importance in the financial sector: Building public trust, mitigating reputational risks, and aligning with long-term sustainability goals
Introduction to AI Concepts and Applications
Basic concepts of AI: Explain machine learning, natural language processing, and other relevant AI techniques without excessive technical jargon
Common Use Cases in Finance: Fraud detection, personalized customer service, algorithmic trading, portfolio optimization, risk assessment, and regulatory compliance
Ethical Crossroads: AI's Benefits and Potential Pitfalls
The Promise: Efficiency, insights, automation, and innovation
The Perils: Bias, lack of explainability, privacy violations, unintended consequences, and potential job displacement
Module 2: Ethical Dilemmas in AI: Case Studies and Discussion (1 hour)
Case Study 1: AI and Algorithmic Bias
Present a real-world or hypothetical example of an AI credit scoring model that inadvertently discriminates based on factors like race, gender, or geographic location
Explore the causes of such bias (e.g., biased training data, incomplete algorithms)
Analyze the potential harm to individuals, the financial institution, and society
Case Study 2: AI, Market Manipulation, and Accountability
Examine a scenario involving an AI trading system engaging in potentially manipulative behaviour due to inadequate safeguards or improper programming
Discuss challenges in establishing accountability in complex AI systems and the implications for market integrity
Group Discussion: Analysing Implications and Finding Solutions
Facilitate a discussion on identifying the core ethical issues in each case study
Encourage participants to propose solutions that balance innovation with ethical principles such as fairness, transparency, and accountability
Module 3: Navigating Ethical AI Use in Financial Services (1 hour)
Ethical AI Frameworks
Overview of international guidelines: OECD Principles on AI, IEEE Standards, EU Ethics Guidelines for Trustworthy AI
Focus on core themes: fairness, accountability, transparency, human oversight
Regulatory Landscape in Singapore
Key MAS initiatives: FEAT principles, AI governance frameworks
IMDA initiatives: Model AI Governance Framework, focus on practical guidance for implementation
Ethical Decision-Making Tools
Introduce checklists, impact assessments, and bias testing tools designed to identify potential ethical risks at different stages of AI development and deployment
Module 4: Building an Ethical Culture in the Age of AI (1 hour)
Leadership's Central Role
The importance of setting the tone from the top by championing ethical AI use and integrating ethical considerations into business objectives
Empowering Employees: Training & Awareness
Upskilling employees on responsible AI concepts, recognizing ethical red flags, and understanding their roles in implementing ethical AI practices
Governance Structures & Continuous Learning
Developing ethical oversight committees or appointing dedicated AI ethics officers
Emphasizing continuous learning and staying updated on evolving AI regulation and best practices
Module 5: Code of Conduct (1 hour)
Overview of the Bank's Code of Conduct
Key Principles
The Importance of the Code
Why the Code Matters
Your Role in Upholding the Code
Singapore Context (IBF)
Key Values Underpinning the Code of Conduct
Case Study 1: The 1MDB Scandal and Ethical Lapses at BSI Singapore (30 mins)
Consequences of Non-Compliance
Why Compliance Matters

Case Study 2: Singapore-based Bank (30 mins)

Assessment – 10 MCQ (30 mins)

METHODOLOGY

Lecture, case studies and discussions

Target Audience

Relationship Manager, Wealth Manager, Financial Advisor, Personal Banker, Investment Manager, Fund Manager, Private Banker, Compliance Advisory Executive, Compliance Analyst, Risk Analytics Analyst, Financial Crime Compliance Executive

trainer

Dr. Paramsothy Vijayan

Director of Graduate Training & FSTEP

ibf funding

About IBF Standards Training Scheme (IBF-STS)

This course is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met.

Participants are advised to assess the suitability of the course and its relevance to his/her business activities or job roles.

The IBF-STS is available to eligible entities and individuals based on the prevalent funding eligibility, quantum and caps.  IBF-STS provides up to 70% course fee subsidy support for direct training costs subject to a cap of S$3,000 per candidate per course subject to all eligibility criteria being met.

About IBF Certification

This course addresses the following Technical Skills and Competencies (TSCs) and proficiency level:

Ethical Culture Level 3 (Proficiency Level 3)

Participants are encouraged to access the IBF MySkills Portfolio (https://www.ibf.org.sg/home/for-individuals/resource-tools/myskills-portfolio) to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.

Find out more about IBF certification and the application process on https://www.ibf.org.sg/home/for-individuals/ibf-certification/why-be-ibf-certified

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Dr. Paramsothy Vijayan

Director of Graduate Training & FSTEP

Dr Vijay is the Director of Graduate Training & FSTEP at the Asian Banking School. He started his career working in one of the big 8 Chartered Accountants and Management Consultancy firms in the UK. He has over 20 years of banking experience working in local and foreign banks up to a senior management level, ranging over a diverse range of disciplines.

He is currently involved in structuring bespoke technical and soft skill programmes for banks. In addition, he is involved in the curriculum working committee for professional qualification programmes such as the Chartered Banker and Bank Risk Management. He is also a designated Chartered Banker trainer, bringing a fresh approach to self-directed learning using mind-mapping techniques, case studies and problem-based learning. Dr Vijay has published banking and finance related text books and journal articles internationally, including, “Success Factors for the Implementation of Entrepreneurial Knowledge Management in Malaysian Banks” (Journal of Information & Knowledge Management, 2013).

Dr Vijay holds an Honours Degree in Accounting and Finance from Scotland, a Master of Science Degree in Multimedia Technology (Banking), a Doctor of Business Administration (Banking Strategy and Marketing) from Australia, and a Doctor of Philosophy (Knowledge Management in Banking) from Malaysia. He recently successfully completed his Chartered Banker MBA from the Bangor Business School. He is also a Certified Training Professional (ARTDO).