The Ethical AI Initiative

Artificial Intelligence (AI) has become a powerful and pervasive tool that touches nearly every aspect of modern life—from financial markets and supply chains to healthcare, education, and public services. Yet, as its influence grows, so do the ethical concerns: bias in algorithms, lack of transparency, challenges around accountability, intellectual property violations, trampled privacy rights, and potential harms to individuals and communities. These risks cannot be addressed by technology alone. We need governance, standards, and trained professionals.

In response, the 695th Lord Mayor of London launched the Ethical AI Initiative in partnership with the Worshipful Company of Information Technologists, the Chartered Institute for Securities & Investment (CISI), BSI, BCS, the UK Accreditation Service, London Chamber of Commerce & Industry, Northeastern University, Z/Yen Group, and in cooperation with Citigroup, the London Metal Exchange, and LearnerShape. This international initiative aims to equip firms and professionals with tools to implement AI management standards, focusing on ISO/IEC 42001:2023, rather than creating new regulation that could stifle innovation or trade.

The initiative has three interconnected streams - a Consortium, a Consensus, and Courses:

Consortium: Building AI Quality Infrastructure
AI should be developed with the same rigour as other regulated industries. At the Mansion House AI Summit (27 March 2024) and TIC Summit in Brussels (14 May 2024), national quality infrastructure representatives from 38 countries signed the Walbrook AI QI Accord, supporting firm-level ISO 42001 certification. The AI Quality Infrastructure (AIQI) Consortium, now with a permanent secretariat at the TIC Council, has been established, with its physical base in Barcelona. Membership is now over 150 organisations spanning 60 countries.

Consensus: Responsible AI for Investors
On 15 July 2024, the Lord Mayor launched the Coffee House Consensus on Responsible AI at the International Corporate Governance Network (ICGN) Conference. Developed with global investors managing over $32 trillion in assets, this voluntary two-page statement helps asset managers align investment decisions with responsible AI development. The Consensus recommends ISO 42001 certification for firms deploying AI. The current version is an exposure draft, with comments welcome: ICRAI in International Banker (Jan 2025)

Courses: Training an AI-Ready Workforce
Professional certification is the initiative’s educational cornerstone. Launched on 27 June 2023, the programme has developed a widely adopted ethics curriculum rooted in Principlism, ISO guidance, and sector-specific frameworks. Courses are now available for finance, law, IT, accountancy, and actuarial professionals, with delivery by institutions such as:

• Chartered Institute for Securities & Investment (Finance)
  
• British Computer Society (IT)
  
• Institute & Faculty of Actuaries (Actuarial)
  
• ACCA (Accountancy)
  
• The Law Society (Legal)
  

Over 20,000 professionals across 1,000 organisations in 60+ countries have completed courses to date, including participants from regulatory agencies and central banks. Expansion into insurance, maritime, property, and business schools is now underway, supported by bodies such as Innovate Finance and the Chartered Association of Business Schools.

How You Can Support
We are seeking further support to promote the adoption of ISO 42001 globally, Whether you are a policymaker, educator, investor, firm, or philanthropist, there are immediate opportunities to help shape a globally coherent, ethical AI regulatory framework that provides social benefit without impeding trade. For more information or to explore partnership, contact Professor Michael Mainelli.

Stability AI: “steampunk ‘Lord Mayor’ of the ‘City of London’ standing in front of Tower Bridge wearing purple goggles with his battle puffin

Resources & Reports:

• ISO/IEC 42001 Course Overview (AIQI Consortium)
  
• Coffee House Consensus on Responsible AI – Exposure Draft
  
• AI Talent Shortage Report: All-Party Parliamentary Group on AI (Oct 2024)
  
• Course Syllabus Appendix (PDF)
  

Commentary & Press:

• "Navigating AI Governance with Global Standards” – International Banker, Jan 2025
  
• "City’s Ethical AI Plan Aims for Global Impact” – City AM, 14 July 2024
  

Relevant Guidelines & Background:

• UK AI Regulation White Paper (2023)
  
• OECD AI Principles
  
• Australia’s AI Ethics Framework
  
• BCS & Z/Yen DIODE Ethical Assessment Guide