Putting AI Governance into Practice

CPA Ontario's new report on building trust in new frontiers, supported by The Action Exchange, examines the promise and perils for business of procuring and using AI responsibly.

Featuring interviews with experts at the forefront of the emerging technology, the report reveals that:

• As regulation plays catch-up with AI development, finance professionals can leverage their existing skill set to help build trust in new technologies. But, they will be required to upskill on how AI systems work, appropriate use cases and potential risks.

• Risks range in severity. With their deep knowledge of risk assessment, finance professionals can be extremely useful in distinguishing between the types and levels of AI risks so that organisations can take appropriate action to mitigate and disclose them.

• While the future has never been more uncertain, building robust internal controls can help form a strong foundation for organisations to navigate emerging risks and opportunities.

• AI is not unlike financial markets; when risks are appropriately managed, opportunities abound. Building governance structures to manage AI risks is already becoming essential for organisations to thrive.

Read the full report.