Despite concerns on risks, one in four business executives say their organisations are moving ahead with test runs on generative artificial intelligence (GenAI) in their operations, according to a study by AICPA & CIMA.
According to the first-quarter AICPA & CIMA Economic Survey, 71% of the respondents expressed at least moderate concern about potential privacy, ethical or accuracy risks with the use of GenAI tools, while 42% expressing significant concern.
Fifty-four percent said some form of independent review or assurance is vital to mitigate risk, as 26% of survey takers said their organisations are experimenting with the technology in key operations.
Moreover, 6% of those polled said they have already implemented GenAI tools in one or more business applications. Half of those surveyed, however, said they have not begun to consider use of the tools yet.
Leading categories for test runs include sales and marketing, IT and risk management, core business operations, and finance and strategy.
Source: AICPA & CIMA Economic Outlook Survey
“Our Future of Finance Leadership Advisory Group lists Gen AI second behind digital transformation in its ranking of top trends and issues facing CFOs,” said Tom Hood, AICPA & CIMA’s executive vice president for business engagement and growth.
“Managing risk and optimising the efficiency of these tools will be core competencies going forward. We recommend that finance teams start small and ramp up strategically based on their early insights into the technology, with a strong focus on data security and intellectual property protections throughout the process.”
