Putting AI Governance into Practice
The Action Exchange supported CPA Ontario to produce a deep dive report into the promise and perils of procuring and using AI responsibly.
Learn how we work with finance and investment clients:
→ Finance and investment
Explore the services featured in this project:
→ Knowledge mobilisation
→ Roundtables and events
→ Business intelligence
→ Executive communications and speech writing
Approach
This project drew on The Action Exchange’s unique approach to developing business intelligence, using knowledge mobilisation and a stakeholder engagement roundtables to explore industry attitudes and risk appetites.
The partnership encompassed executive communications and speech writing to ensure these critical insights influence leadership at the highest levels.
Outcome
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.
