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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

AI and ethics: could finance become too reliant on AI?
  • Article
  • 06 Nov 2024
As AI is more widely adopted, researchers are concerned that finance teams might farm out too many tasks to the technology at the expense of professional judgement and scepticism.
AI: It’s only as good as the data you feed it
  • Article
  • 30 Oct 2024
Without a well-managed body of subject-specific data at its core, an AI tool in your firm will not be able to help your clients properly, an insolvency practitioner explains.
AI adoption challenges: an ethical dilemma for auditors
  • Article
  • 16 Oct 2024
Artificial intelligence offers a lot of opportunities for audit firms and practitioners, but implementing AI solutions into audit functions comes with some complicated considerations.
Harnessing AI’s potential: a guide for finance professionals
  • Article
  • 15 Oct 2024
Artificial intelligence opens a world of seemingly endless possibilities, boosting efficiency and quality across business operations. But how can finance professionals identify effective and ethical ways to implement relevant AI solutions?
Ethics: AI in audit – transparency and third-party relationships
  • Article
  • 15 Oct 2024
Organisations embracing AI must collaborate effectively with AI suppliers while ensuring transparency for customers. ICAEW’s Trust and Ethics team explores strategies to maintain openness and trust across this complex ecosystem.
Ethics: understanding the risks of AI
  • Article
  • 15 Oct 2024
Global Ethics Day: Susan Smith, Group Ethics Chair at CCAB, talks about the areas of risk that may crop up as accountants adopt more AI technologies.
Ethics: How to ensure effective governance on AI projects
  • Article
  • 15 Oct 2024
ICAEW’s Trust and Ethics team share lessons learned from practitioners, academics and standard-setters on implementing robust governance strategies for artificial intelligence tools.
Exclusive Practical considerations
  • Article
  • 10 Oct 2024
How do you practically get started with implementing AI during the deal cycle?
More AI articles

Recordings

Guarding against the AI cyber crimewave
  • Podcast
  • 18 Oct 2024
In this episode of Behind the Numbers, we discuss how the use of new technologies by criminals is putting businesses at risk.
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.
More AI recordings

Reports

Ethics and AI
  • Report
  • PDF (1,006kb)
In 2024, ICAEW’s Trust and Ethics Team hosted roundtables on shaping guidance for the accountancy profession on the ethical use of artificial intelligence. Read an overview of the discussions, offering insights into real-life use cases and the risks that must be managed.
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.
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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