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Managing the risks of AI

Artificial intelligence offers many opportunities, but finance professionals must also consider how to manage the potential risks and ethical challenges the technology brings.

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Generative AI Guide

Risks and limitations of generative AI

The potential for generative AI is immense, but there are risks that accountants should be aware of when deciding to adopt generative AI. Existing approaches to tech strategy and wider governance principles, practices, and processes may not be completely suitable for generative AI and may need adapting and strengthening.
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Articles

Applying the building blocks of ethical culture
  • Article
  • 04 Nov 2025
From whistleblowing and governance to equity, diversity and inclusion (EDI) and the use of AI, Global Ethics Day speakers unveiled a host of ideas for building and upholding strong organisational ethics.
Cyber resilience strategy: how to create and stress test a plan
  • Article
  • 30 Oct 2025
Increasingly seen as a vital component of a company’s trustworthiness, a cyber resilience plan must be tailored to the nature of the business and be easy to put into action.
Cyber security biggest risk as businesses reel from major attacks
  • Article
  • 23 Sep 2025
Annual poll of Chief Internal Auditors highlights cyber security as the number one risk, with digital threats intensifying following attacks on European airports over the weekend and recent cyber breaches at M&S, the Co-op, Harrods, The North Face and Jaguar Land Rover.
Cyber roundup: the dangers of spoofing
  • Article
  • 28 Aug 2025
Spoofing exposes Sharepoint vulnerabilities; MoD data breach; and the devastating consequences of one weak password.
Use of AI criticised in tax case
  • Article
  • 12 Aug 2025
ICAEW’s Tax Faculty explains why a decision of the Upper Tribunal handed down on 23 July 2025 provides a timely reminder of the need to review the accuracy of AI responses on tax matters.
Get to grips with AI this summer
  • Article
  • 01 Aug 2025
ICAEW offers a range of resources to help you hone your artificial intelligence skills in this fast-moving area. These resources cover foundational AI concepts, skill development, practical applications, risk management and ethical considerations, enabling accountants to stay ahead in the evolving AI landscape.
Keep on top of developments in ethics
  • Article
  • 16 Apr 2025
ICAEW’s first annual update to its e-learning course on ethics covers the 2025 update to the Code of Ethics and implications of the Economic Crime and Corporate Transparency Act.
Why patchy regulation is a challenge for AI
  • Article
  • 21 Mar 2025
In a fascinating recent round-table event, ICAEW members explored a host of issues around how the UK regulatory landscape should best address companies’ use of artificial intelligence.
More AI articles

Recordings

The new frontier for internal assurance: sustainability, AI, and geopolitics
  • Webinar
  • 11 Sep 2025
This webinar recording will explore the intersection of sustainability, artificial intelligence (AI), and geopolitics, and how these factors are reshaping the internal assurance landscape.
AI Series Risks with AI and Generative AI
  • Video
  • 10 Apr 2025
More AI recordings

Reports

Evolution of mid-tier accountancy firms 2025 research findings
  • Report
  • PDF (2,221kb)
This year’s ICAEW research on the evolution of mid-tier accountancy firms explores key themes shaping the profession in 2025, including structural shifts, talent strategies, technology, and emerging service line offerings. Against a backdrop of political and economic uncertainty, regulatory complexity and rapid technological advancement, the research highlights how firms are navigating change, pursuing opportunities and supporting their clients’ growth.
Exclusive Harnessing AI – governance, risk management and strategic opportunities for SMEs
  • Report
Generative AI offers incredible opportunities for small and medium-sized businesses to innovate and stay competitive. From creating personalised customer experiences to automating routine tasks, AI can revolutionise the way you operate. But with these opportunities come challenges – like protecting data, ensuring transparency, and upskilling your team.
Ethics and AI
  • Report
  • PDF (1,006kb)
In 2024, ICAEW’s Trust and Ethics Team hosted roundtables on shaping guidance for the accountancy profession on the ethical use of artificial intelligence. Read an overview of the discussions, offering insights into real-life use cases and the risks that must be managed.
Risks and assurance of emerging technologies
  • Thought leadership report
Cognitive and automation technologies such as artificial intelligence (AI) have drawn a great deal of interest, but also concern about the potential for bias and misuse. ICAEW’s Tech Faculty examines the risks associated with the adoption of emerging technology and how these risks can be tackled through internal controls and assurance.
More AI reports

Training

Innovating finance with AI (Virtual)
  • Course
A guide to digital technologies and their impact. This immersive course empowers accountants with strategies to implement key technologies like automation, AI and advanced analytics.

Further resources

Resources
Artificial intelligence
Artificial intelligence

Discover more about the impact of artificial intelligence and the opportunities it presents for the accountancy profession. Access articles, reports and webinars from ICAEW and resources from tech experts.

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Generative AI Guide

Explore the possibilities of generative AI in accounting through ICAEW's guide to Gen AI, covering use cases, risks, limitations, ethics and how to get started.

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Events
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Technology events

ICAEW's events programme brings together leading industry speakers across practice and business. Connect and network with your peers while keeping up to date with the latest developments in technology.

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