Despite Concerns About Risk, 1-in-4 Business Executives Say Their Organizations are Moving Ahead with Test Runs of Generative AI in Operations

• 71% expressed at least moderate concern about potential privacy, ethical or accuracy risks
• Sales and marketing and IT and risk management are top areas for experimentation
• 54% said some form of independent review or assurance is vital to mitigate risk

NEW YORK, March 28, 2024 /PRNewswire/ -- U.S. business executives worry about potential risks from the widening use of generative artificial intelligence programs such as ChatGPT and Microsoft Copilot, but more than a quarter of them say that hasn't stopped their organizations from experimenting with the game-changing technology in many core business functions, a recent survey by AICPA & CIMA found.

Seventy-one percent of business executives said they were at least moderately concerned about potential privacy, ethical or accuracy risks associated with the use of Generative AI tools, with 42% expressing significant concern. Views on Generative AI were solicited as part of the first-quarter AICPA & CIMA Economic Survey, which polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles. Top-line results on executives' view of the economy and performance projections for the next 12 months were released earlier this month.

The level of concern about Generative AI risks is largely in line with responses from the survey last quarter, when identical questions were posed. This quarter, only 6% of respondents expressed "no concern at all" about the tools.

Some 26% of survey takers said their organizations are experimenting with the technology in key operations, while six percent said they have already implemented Gen AI tools in one or more business applications. Half of those polled, however, said they haven't begun to consider use of the tools yet.

Leading categories for test runs include sales and marketing, IT and risk management, core business operations, and finance and strategy.

Survey takers weren't asked about potential regulation in this area but were queried about the need for AI data to be "subject to some form of independent assessment, or review and assurance." Fifty-four percent said they viewed this kind of review as "significantly important" to mitigate risks, while only two percent said they viewed it as "not at all important."

"Our Future of Finance Leadership Advisory Group lists Gen AI second behind digital transformation in its ranking of top trends and issues facing CFOs," said Tom Hood, AICPA & CIMA's executive vice president for business engagement and growth. "Managing risk and optimizing the efficiency of these tools will be core competencies going forward. We recommend that finance teams start small and ramp up strategically based on their early insights into the technology, with a strong focus on data security and intellectual property protections throughout the process."

Resources for finance teams and practitioners in this area include AICPA & CIMA research materials and a Gen AI toolkit from CPA.com, the AICPA's business and technology arm.

Methodology

The first-quarter AICPA & CIMA Economic Outlook Survey was conducted from Feb. 6-28, 2024, and included 275 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as chief financial officer or controller, in their companies. The overall margin of error is less than 3 percentage points. A copy of the report can be found on aicpa.org.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 698,000 AICPA and CIMA members, students and engaged professionals in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world's largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world's leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer's choice when recruiting financially trained business leaders.

SOURCE AICPA & CIMA