As AI continues to evolve, the use of generative artificial intelligence programs such as ChatGPT and Microsoft Copilot is becoming more prevalent among U.S. business executives. While concerns about privacy, ethics, and accuracy persist, over a quarter of executives reported that their organizations are experimenting with Generative AI tools.
A recent survey by AICPA & CIMA polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles. The results showed that 71% of respondents expressed at least moderate concern about the risks associated with Generative AI, with 42% citing significant concern.
While some companies have already implemented Generative AI tools in their business operations, others are just beginning to explore the possibilities of this technology. Survey respondents identified key areas for experimentation, including sales and marketing, IT and risk management, core business operations, and finance and strategy.
In terms of regulatory oversight, survey participants were not asked about potential regulations concerning Generative AI. However, the majority of executives agreed that an independent assessment or review of AI data is crucial to mitigate risks. Establishing strong data security and intellectual property protections throughout the process of implementing Generative AI tools was also emphasized.
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. By focusing on data security and intellectual property protections, companies can navigate the challenges associated with implementing AI technologies effectively.