The Institute of Chartered Accountants in England and Wales (ICAEW) has called on companies in the Middle East to reshape their business strategies around the evolving landscape of data governance and the transformative potential of Artificial Intelligence (AI).
At a panel discussion organised by ICAEW, a panel of experts delved into the intricate relationship between data governance, AI, and business innovation to equip industry professionals with essential knowledge and best practices to navigate this dynamic landscape.
The panel, comprising sector experts from global consulting majors such as Deloitte and EY among others, emphasised the increasing importance of robust data governance frameworks in maximising the potential of AI technologies, while mitigating associated risks.
They also highlighted the need for organisations to strike a balance between data accessibility and security, and the vital role of data stewards in ensuring ethical and compliant practices.
Adapting to the evolving regulatory landscape and building data analytics capabilities within organisations were the other focal points at the panel discussion.
Hanadi Khalife, Head of Middle East at ICAEW, said in today’s data-driven economy, organisations face a dual mandate – harnessing the power of AI to drive innovation, while safeguarding data integrity and privacy.
“As stewards of data, accountants play a crucial role in ensuring the ethical and responsible use of AI technologies,” he said.
Khalife said through collaborative efforts, both within and outside the organisation, companies can build a culture that promotes AI responsibility, unlocking new growth opportunities.
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