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Managing the risks of AI

Artificial intelligence offers many opportunities, but finance professionals must also consider how to manage the potential risks and ethical challenges the technology brings.

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Generative AI Guide

Risks and limitations of generative AI

The potential for generative AI is immense, but there are risks that accountants should be aware of when deciding to adopt generative AI. Existing approaches to tech strategy and wider governance principles, practices, and processes may not be completely suitable for generative AI and may need adapting and strengthening.
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Articles

Exclusive Databases, Data Warehouses and Data Lakes for Accountants
  • Article
  • 17 Jul 2024
Accountants today rely on software like Oracle, Sage, Excel, and many other technologies to store important data and help generate financial statements and insights. This article provides a high-level overview of different data infrastructure used in accounting and how these fit into contemporary technology such as PowerBI, PowerPivot, Excel, APIs.
AI ‘will turbocharge cybercrime and fraud’
  • Article
  • 26 Jun 2024
Chief internal auditors are worried that AI is likely to fuel a surge in cyber, fraud and economic crime, according to a new poll.
Exclusive The role of Internal Audit in ethical AI
  • Article
  • 21 Mar 2024
As AI progresses and gains wider acceptance, ethical considerations become increasingly significant. AI introduces ethical challenges across various domains, including democracy, justice and diversity and inclusion. This article explores these considerations, the associated risks, and the role internal auditors can play in promoting ethical conduct.
Could AI answer the call for increased Financial Discipline?
  • Article
  • 05 Mar 2024
The call for financial discipline is more relevant than ever before.
What Horizon tells us about ethics and technology
  • Article
  • 15 Feb 2024
There are lessons to be learned from the Post Office Horizon scandal about the ethical issues that can arise from the technology we use.
Exclusive Unlocking the Benefits of a Unified Data Platform for (Internal) Auditors
  • Article
  • 11 Dec 2023
There are several data-engineering platforms in the market that allow organisations to process and transform large data sets. In this article, Polyna Christakou, Head of Internal Audit Data Analytics at Eurobank, shares her experience with using Microsoft Azure Databricks, a unified data warehouse.
More AI articles

Recordings

How finance teams can use AI to drive growth and profitability, with Oracle
  • Webinar
  • 05 May 2024
Oracle explores how AI and Generative AI are impacting finance teams, but also the wider business. You'll come to understand the associated benefits and risks to be aware of, and how these are supported by appropriate data governance and risk management to ensure humans continue to stay in control and use AI responsibly.
You dont need to be a data scientist to use AI in internal audit
  • Video
  • 16 Jun 2021
More AI recordings

Reports

Risks and assurance of emerging technologies
  • Thought leadership report
Cognitive and automation technologies such as artificial intelligence (AI) have drawn a great deal of interest, but also concern about the potential for bias and misuse. ICAEW’s Tech Faculty examines the risks associated with the adoption of emerging technology and how these risks can be tackled through internal controls and assurance.
Internet of things and accounting
  • Thought leadership report
  • PDF (312kb)
To find out how businesses and accountants are approaching this powerful new technology, we partnered with the Shanghai National Accounting Institute and Inspur to talk to IT, operations and finance professionals across China, which is playing a leading role in the development of the IoT.
AI in Corporate Advisory
  • Report
  • PDF (2,199kb)
The impact of artificial intelligence (AI) on finance and business will be profound. The Corporate Finance Faculty has been tracking the application of AI to ‘big data’ in corporate transactions.
Exclusive How do you audit a robot
  • Report
  • PDF (1,916kb)
Guidance for internal auditors on providing assurance over robotic process automation (RPA).
More AI reports

Training

Innovating finance with AI
  • Course
A guide to digital technologies and their impact. This immersive course empowers accountants with strategies to implement key technologies like automation, AI and advanced analytics.
Understanding AI and cognitive computing
  • eLearning module
Learn the essentials about artificial intelligence and cognitive computing through this e-learning module. It covers the three areas where this technology is most relevant and beneficial for finance, as well as common misconceptions.
Introduction to generative AI
  • eLearning module
Generative AI has the power to transform the way we work, learn and interact with technology. Discover what generative AI can do, how it works and how it differs from 'traditional' AI.

Further resources

Resources
Artificial intelligence
Artificial intelligence

Discover more about the impact of artificial intelligence and the opportunities it presents for the accountancy profession. Access articles, reports and webinars from ICAEW and resources from tech experts.

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Generative AI Guide

Explore the possibilities of generative AI in accounting through ICAEW's guide to Gen AI, covering use cases, risks, limitations, ethics and how to get started.

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