A recent survey by AICPA & CIMA has revealed that the use of generative artificial intelligence programs, such as ChatGPT and Microsoft Copilot, is a growing concern among U.S. business executives. Despite worries about potential risks related to privacy, ethics, and accuracy, over a quarter of executives reported that their organizations are experimenting with Generative AI tools.
The survey polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles and found that 71% of respondents expressed at least moderate concern about the risks associated with Generative AI. Forty-two percent of executives cited significant concern about these risks, indicating a high level of apprehension.
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, such as 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 while minimizing potential risks associated with this rapidly evolving field.
