Responsible use of gen AI for finance teams

The uses for generative AI (gen AI) in accounting and finance continue to expand, but traditional governance models are struggling to keep up with the rapid pace of change. Although AI-enabled tools have increased productivity and changed how finance function staff do their jobs, there are new risks to be aware of. From cybersecurity issues to opaque reasoning, hallucinations to model drift, unchecked AI risks can jeopardize the integrity of an organization’s operations, reporting, and compliance.

Given the scale of these risks, organizations now require actionable guidance to manage both the challenges and opportunities of AI-enabled tools.

The publication Achieving Effective Internal Control Over Generative AI (GenAI) from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) offers organizations a practical, COSO-aligned approach to managing the risks and opportunities introduced by rapidly advancing generative AI technologies.

In anticipation of more accounting and finance professionals relying on gen AI, the publication turns COSO’s Internal Control — Integrated Framework into concrete internal control practices tailored to the capabilities of gen AI, offering guidance on the responsible introduction of gen AI tools, how to maintain reliable operations, and how organizations can support compliance.

Within the publication are templates, a road map, and case studies that illustrate how to inventory gen AI use cases, assess risks dynamically, implement governance, design and map controls, and monitor and adapt how models change. The tools are implementation ready, cutting down on the time your organization needs to prepare.

You can continue to harness the benefits of gen AI while managing the risks with the same discipline, transparency, and auditability expected of the finance function with Achieving Effective Internal Control Over Generative AI (GenAI) from COSO.

[Read Achieving Effective Internal Control Over Generative AI from COSO]