In a recent survey conducted by AICPA & CIMA, U.S. business executives expressed concerns about the potential risks associated with the increased use of generative artificial intelligence programs such as ChatGPT and Microsoft Copilot. Despite these concerns, more than a quarter of respondents indicated that their organizations are still experimenting with these technologies.
The survey, which polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles, revealed that 71% of business executives are at least moderately concerned about privacy, ethical, and accuracy risks related to Generative AI tools. Forty-two percent of respondents expressed significant concern about these risks.
The level of concern about Generative AI risks remains consistent with responses from the previous quarter’s survey. Only 6% of respondents reported having no concerns at all about the use of these tools. Some organizations are already experimenting with Generative AI, with 26% of survey takers indicating that they are testing the technology in key operations, while 6% have implemented Gen AI tools in one or more business applications.
Leading categories for experimentation with Generative AI include sales and marketing, IT and risk management, core business operations, and finance and strategy. While survey takers were not asked about potential regulation in this area, many believe that AI data should be subject to independent assessment or review for assurance. Fifty-four percent of respondents viewed this type of review as significantly important to mitigate risks.
Tom Hood, AICPA & CIMA’s executive vice president for business engagement and growth, encouraged finance teams to start small and strategically ramp up their use of Generative AI based on early insights into the technology. He emphasized the importance of maintaining a strong focus on data security and intellectual property protections throughout the process.