Risks of AI Implementation in Accounting and Finance

[Suba]

Artificial Intelligence (AI) enables a computer to mimic human thinking, from processing large amounts of financial data to presenting financial statements, analyzing them, and providing various information for decision-making.

In the world of accounting and finance, AI can play a role in collecting and integrating financial data, processing and classifying all types of financial transactions, analyzing them, and detecting financial risks. Some risks of AI implementation in accounting and finance include:
1. Lack of human resources prepared to manage AI.
2. High implementation costs, making it difficult for small businesses.
3. Dependence on a single system can compromise operational flexibility.
4. Risk of financial data and privacy leaks.

 

[Springtime]

Using AI to manage finance and accounting may improve efficiency. But there should be a backup plan in case there are some technical issues come up.

 

[Starmix]

They are only after of the fast processing, unminful of the possibilities of failure. There should be human expert, or Human Resource officer to monitor every transaction.

 

[Augusta]

This creates a serious risk of data breaches, regulatory violations, and financial exposure.