Generative AI: How U.S. Business Executives Navigate Risks and Embrace Innovation

There has been a growing concern among U.S. business executives regarding the use of generative artificial intelligence programs, such as ChatGPT and Microsoft Copilot, according to a recent survey by AICPA & CIMA. 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, which polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles, 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.

To navigate the challenges associated with implementing AI technologies effectively, Tom Hood advised finance teams to start small and gradually scale up their use of Generative AI. By focusing on data security and intellectual property protections from the outset