- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-12-06T17:27:00
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence (AI), according to two recent surveys.
More than half of 250 U.S. finance and accounting executives and senior managers said they lacked the analytical skills needed to take full advantage of AI programs, a recent survey by Paro.ai found.
About 57 percent of respondents said their firms were already using AI, according to the poll conducted in September. But 53 percent said their finance teams lacked the advanced skills required to apply AI in their work.
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Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
Most compliance professionals say their teams are not using artificial intelligence to assist with compliance obligations, according to our “Inside the Mind of the CCO” survey.
The Securities and Exchange Commission has not yet implemented rules governing use of artificial intelligence but still expects regulated entities to adhere to commonly accepted practices, including disclosure, said an agency enforcement official.
Compliance Week’s sixth annual “Inside the Mind” survey seeks to discover what makes CCOs and other risk and compliance practitioners tick. Take 10 minutes to share your experiences and be part of our special report.
As the artificial intelligence boom sweeps into the business world, employees are increasingly concerned about ethics questions and data privacy, a new Deloitte survey found, leading them to increasingly lose trust in their organizations.
Annual pay and bonus compensation for chief compliance officers at public companies jumped to $419,000 since 2023, while CCOs at private companies saw a slight decrease to nearly $300,000, according to a new compensation survey.
