The Institute of Chartered Accountants in England and Wales (ICAEW) has called on companies in the Middle East to reshape their business strategies around data governance and the transformative potential of Artificial Intelligence (AI).

 

At a recent virtual event, a panel of experts delved into the intricate relationship between data governance, AI and business innovation. The discussion aimed to equip industry professionals with essential knowledge and best practices to navigate this dynamic landscape. The panelists included:

 

•Ian Pay, Head of Data Analytics and Tech, ICAEW

•Sourav Dey, Senior Manager- Data Analytics, Deloitte 

•Mursleen Iqbal, Financial Controller for Dedicated Networks, Ericsson

•Raffaele Tiberio, Partner Data & AI, EY

•Riyad Abbasakoor, Commercial Financial Director, M42 Health

 

Robust data governance

The panel emphasised the increasing importance of robust data governance frameworks in maximising the potential of AI technologies while mitigating associated risks. They 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 was another focal point, urging businesses to proactively adjust their strategies to drive innovation responsibly.

 

Building data analytics capabilities within organisations emerged as another critical factor. Panelists stressed the importance of developing talent and expertise within audit and finance teams, encouraging a more collaborative approach between IT, audit, and finance departments to effectively harness the power of data analytics.

 

Real-world case studies

Real-world case studies were presented, showcasing best-in-class approaches to data governance and AI adoption. This provided actionable insights for businesses to practise data-driven decision-making.

 

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. 

 

“Through collaborative efforts, both within and outside the organisation, companies can build a culture that promotes AI responsibility, unlocking new growth opportunities."--TradeArabia News Service