Generative artificial intelligence (AI) programs, such as ChatGPT and Microsoft Copilot, are gaining popularity among U.S. business executives, despite concerns about privacy, ethics, and accuracy, a recent survey by AICPA & CIMA has shown. Over a quarter of executives reported that their organizations are experimenting with these tools.

The survey polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles. Seventy-one percent of respondents expressed at least moderate concern about the risks associated with Generative AI. Forty-two percent of executives cited significant concern about these risks, indicating a high level of apprehension.

While some companies have already implemented Generative AI tools in their business operations, others are just beginning to explore the possibilities of this technology. Survey respondents identified key areas for experimentation, including sales and marketing, IT and risk management, core business operations, and finance and strategy.

Regulatory oversight was not specifically addressed in the survey; however, the majority of executives agreed that an independent assessment or review of AI data is crucial to mitigate risks. Establishing strong data security and intellectual property protections throughout the process of implementing Generative AI tools was also emphasized.

Tom Hood, the executive vice president for business engagement and growth at AICPA & CIMA advised finance teams to start small and gradually scale up their use of Generative AI while focusing on data security and intellectual property protections to navigate the challenges associated with implementing these technologies effectively.