AI governance: Navigating innovation in the boardroom

Accounting for the Future

AI holds immense transformative potential for revenue optimization. Yet, governance, ethical considerations, and continuous monitoring cannot be undermined for responsible and effective AI implementation. Guest Achille Ettorre, Advisory Board Member at Queen's University, TedX presenter, and Faculty Member and Executive Consultant at the International Institute for Analytics, joins our conversation on the importance of AI governance, its impact, and ways to mitigate bias.

What you’ll hear in this episode:

[2:01] Defining Generative AI and big data.

[3:49] The impact of AI on business processes.

[6:59] AI’s impact on revenue, risks, and opportunities.

[10:00] The balance between speed and governance.

[12:45] How audit committee members or directors can improve their AI readiness.

[15:44] The impact of governance on AI.

[22:52] Mitigating AI bias.

[26:00] Guest speaker’s reflections on the future.

Mentioned:

Anne-Marie Henson

Achille Ettorre

BDO

Quotes:

"…a larger organization has so much more inputs, data inputs that they really have to have a governance program to ensure that all the throughputs are done in such a way that it's systemic, methodical, and correct every time.”

“..it's interesting from a revenue perspective, I truly believe that using these tools or these models can increase the revenue for any organization that understands the processes involved and the people that are actually working these models.”

“..for board members specifically, spending some time on whether it's informal education or some formal training on understanding what AI can actually do within their organization, or quite frankly entire industry would definitely bode well.”

“…you need to understand where you sit in the maturity model within your organization on how you use data and how you use analytics and how you implement AI.”

“If I were to say within the audit industry… I would suggest that a lot of the routine tasks would be automated so that there's oversight and a review versus actually compiling the data that will be automated.”

“I definitely think AI can help out in augmenting or setting up the framework, but I do think that should resonate within the leaders of the organization.”