A recent report by the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute for Securities & Investment (CISI) has brought to light the ethical challenges that AI presents to the finance sector.
The associations emphasised the need for governance enhancement, skill development, and policy coordination to uphold the sector’s integrity.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The report, titled “AI Monitor: Shining a light on AI’s ethical threats for finance professionals,” highlighted four primary insights.
It includes the omnipresence of AI in professional and personal environments and the specific ethical risks it poses to finance professionals.
Additionally, it discusses the necessity for AI literacy that combines technical expertise with ethical discernment, and the requirement for a collaborative approach among organisations, individuals, and policymakers to tackle these issues effectively.
The report advises finance professionals to increase their awareness of ethical quandaries when utilising AI, calling organisations to establish sound governance structures, cultivate leadership, and promote ethical decision-making.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPolicymakers are encouraged to collaborate with professional bodies to minimise fragmentation, enhance regulations, and mitigate systemic risks.
Insights from global roundtables, which included regions such as Asia Pacific, the UK, Africa and South Asia, revealed that while finance professionals are aptly equipped to apply ethical judgment, their success is dependent on a supportive and aligned system.
ACCA chief executive Helen Brand said: “These principles equip us to recognise and address the challenges that arise with AI, but the burden cannot rest on individuals alone.
“Organisations, regulators and policymakers must invest in upskilling, governance and collective frameworks so that AI adoption strengthens public trust and ensures decisions remain anchored in ethical judgment.”
Recently, ACCA, in collaboration with The Institute of Internal Auditors’ (IIA) Internal Audit Foundation, produced a report on the governance of sustainability information.
The report, “Internal control over sustainability data,” highlights the role of professionals in accountancy, internal audit, and finance in managing and narrating sustainability data.
