ACCA chief executive officers (CEOs) and chief financial officers (CFOs) need to build trust in artificial intelligence (AI) by taking steps in their organisations to manage the associated risks.

As AI plays a greater role in the accounting and financial reporting of businesses, CFOs and financial controllers will have to be confident about the adequacy of oversight and controls of AI systems.

In the first in a series of insights, ‘AI monitor: trust’, ACCA has urged finance professionals to ensure that AI governance and AI risk management is in place, beginning with:

● Investing in AI literacy and skills development: finance professionals must invest in education and training to critically evaluate AI outputs, communicate clearly with key stakeholders, and make informed decisions. 

● Collaborating via cross-functional teams: finance professionals should actively engage with IT, data science, legal and risk management teams.  

● Developing an AI governance framework: beginning with critical uses, finance professionals should take steps within their organisation to establish clear policies, oversight and governance practices. 

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AI presents many opportunities to businesses such as providing more insights from a wider array of information sources, driving greater efficiency and better customer experiences. But it also poses a challenge to trust in accounting and finance reporting with new dynamics being introduced to the traditional trust mechanisms that underpin corporate accounting.

Commenting on this, ACCA head of technology research, Alistair Brisbourne, said: “Introducing AI is both about trust in the systems and trust in the people that we work with, and how we bring those two elements together.

“CEOs and CFOs need to focus on making the changes needed to harness the many potential opportunities but also retain trust. This includes upskilling to deal with the technology and introducing new knowledge into their organisations. They also need to focus on the governance, the oversight and culture required to allow different teams to work together effectively. It’s about bringing change management and governance together.”