An Opportunity and a Risk for your Firm

An Opportunity and a
Risk for your Firm

Peter kicked off Session 7 of the AI & Automation Masterclass. In this webinar, he spoke about understanding the ethical and safety risks of AI, having a formal AI policy, phased implementation and formulas for prompting.

Here are 3 big takeaways from the webinar with Peter Stiff:

Ethics & Trust Come First

Objectivity, confidentiality and integrity are core to the accountancy profession. With the introduction of AI to your firm, it’s important not to jeopardise this. Consider safety, your firm’s appetite for risk and maintaining trust with your clients.

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The Must-Haves In An AI Policy

Start deciding what your goal is for AI implementation. Next look at how you’re going to check over the work to make sure it’s correct. Have specific data and compliance validation regulations and policies in place. This includes assigning a person, looking at how they’re going to review and how they share findings.

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Start With Governance, Not Gadgets

If you could fix one thing in your firm, what would it be? Setting up a governance framework for AI means asking yourself what you want to get out of using AI specifically for your firm. For any kind of implementation to be successful it needs to align with your values as a company.

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