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AI in Corporate Finance

Implementing AI: next steps

What questions should you ask yourself and third-party suppliers?

Next steps

Questions to ask yourself when deploying new AI tools

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Planning

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IT and infrastructure

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Implementation

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Planning

  • Do we have senior sponsorship and buy-in?
  • Which teams/experts need to be involved in the planning process?
  • Do we have clearly defined objectives to be achieved using AI?
  • Do we know what the benefits and risks are associated with the proposed AI?
  • Do we have the budget to design, develop and implement new AI tools?
  • How long will it take to deliver the project?
  • Could this process or objective be achieved without expensive intelligent AI tools?
  • Do we understand the legal, privacy, compliance, security impacts of building and/or deploying AI solutions?

IT and people infrastructure 

  • Can we access the data needed to train the AI model?
  • What prompts do we need to develop to arrive at an accurate outcome?
  • Do we have an AI governance policy related to data, algorithms, intellectual property, ethics etc.?
  • Do we have the right skillset to design, develop and implement AI tools?
  • Do we have the right skills and IT systems to deploy the AI solution?
  • Do we know what questions to ask suppliers when evaluating different solutions?
  • Which AI methods should be used in this case given pros and cons of each technique?
 
IT Management
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Implementation

  • Do we have a process for dealing with AI outcome errors?
  • How do we train staff to use the new models?
  • What controls do we need to put in place to manage the AI risks?
  • What feedback did we receive during the testing phase, which should be considered now?
  • What implementation documentation supports the maintenance of the AI tool in the future?
 

Questions to ask third-party suppliers of AI tools

What is the tool's intended purpose; what risks do you manage around its use?

How do you ensure outputs of data is trustworthy?

How do you ensure tools are compliant with regulation?

How do you make sure unbiased data is fed into the AI tools?

How does the tool filter out irrelevant data?

How often do you test the output for accuracy?

What cyber security processes do you suggest?

Can the tool be trialed before buying a software license?

How do you link different software and can they function independently?

Do you have an exit clause in your supplier agreement?

How long have you been offering AI solutions?

Can you share case studies related to my needs?

Can you deliver a complete solution?

What is the cost to implement and maintain the AI tools?

How long will it take to implement and train the AI tools?

Are you able to support international deployment?

Can you integrate the AI solution within my existing IT footprint?

Is the learning data confined to the company or available to all users of the tool?