A recent survey by AICPA & CIMA found that over a quarter of U.S. business executives are experimenting with generative artificial intelligence (AI) tools, despite concerns about potential risks related to privacy, ethics, and accuracy. While some companies have already implemented AI tools in their operations, others are just beginning to explore the possibilities of this technology.
According to the survey, which polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles, 71% of respondents expressed at least moderate concern about the risks associated with AI. Forty-two percent of executives cited significant concern about these risks, indicating a high level of apprehension.
The key areas for experimentation identified by survey respondents include sales and marketing, IT and risk management, core business operations, and finance and strategy. In terms of regulatory oversight, participants were not asked about potential regulations concerning AI but agreed that an independent assessment or review of AI data is crucial to mitigate risks. Establishing strong data security and intellectual property protections was also emphasized when implementing AI technologies effectively.
Tom Hood, the executive vice president for business engagement and growth at AICPA & CIMA advised finance teams to start small and gradually scale up their use of Generative AI while focusing on data security and intellectual property protections throughout the process. By doing so, companies can navigate the challenges associated with implementing AI technologies effectively while minimizing potential risks associated with this rapidly evolving technology.