Every firm is faced with the AI conundrum – how much and how fast to innovate while being able to still manage the risks. Firms should neither shy away from AI, nor jump into the space blinded.
Accenture’s recent “Global Risk Management Study Financial Services” highlights that while FS organizations know that integrating AI at scale is essential to remain competitive, there are unintended consequences. AI enablement, uncertainty of how to navigate the regulatory landscape, and challenges in enterprise-wide integration of AI some of the key aspects highlighted by survey respondents. Our 2021 Global Risk Management Study, 2019 Global Risk Management Study, and our AI Built to Scale report highlighted a series of drivers behind AI adoption, with 83% of C-suite executives saying their growth objectives are achieved through AI with 71% admitting they struggle to scale AI pilots, and 72% believing their businesses to be at risk due to AI scaling concerns. On the other hand, there are firms that are experiencing barriers to AI, with 33% holding back in AI adoption due to unclear regulation, 58% believing that disruptive technology poses too large a risk on their business, and 89% describing themselves as incapable of assessing the extent of AI-related risks.