Jump to:
 |
Professional Future ReportHow AI is the catalyst for transforming every aspect of work |
Advances in technology have created a transformative time for businesses. Artificial Intelligence (AI)is increasingly impacting every industry, transforming the way businesses operate, staff and serve their customers. Ethical and regulatory issues around the use of AI are rapidly gaining prominence for companies and corporate sectors in the legal and risk industry.
Helping industry teams better understand when to use AI and when not to, regulatory compliance issues, etc. Thomson Reuters The future of professionals The report surveyed more than 1,200 employed professionals. Legal, Areas include risk, tax and accounting, compliance, and international trade.
Regulating AI
Expectations for the use of AI in business and BenefitsThe regulation of AI has come into increased focus in 2015, with calls for companies to implement policies around usage, privacy and communications. Many experts are concerned that the potential damage caused by AI could be enormous if not properly managed.
There’s no doubt that the increasing adoption of AI in business is generating excitement. In fact, according to the Future of Professionals report: More than two-thirds (67%) of experts surveyed believe that the emergence of AI and Gen AI will be transformative.Big changes in jobs will occur in the next five years.
For example, law firms are optimistic about AI’s productivity benefits. More specifically, they are using AI to perform large-scale data analysis and perform non-billing administrative tasks more accurately. With the ability to complete such tasks faster and more efficiently, legal professionals can More time to focus on more billable workCompanies may also be able to recoup revenue lost through impairments due to operational inefficiencies. With these benefits in mind, many companies and departments are already turning to AI.
But transparency, authenticity, and Risk mitigation is not overlookedAccording to the report, the vast majority of experts surveyed (93%) say they see the need for regulation. The biggest concern is a lack of trust and uncertainty about the accuracy of AI. This is especially true in situations where AI output is used as advice without humans checking its accuracy.
There is growing pressure for firms and internal departments to create and enforce policies around usage, privacy and communications. Additionally, more than half (53%) of law firms and 43% of corporate legal departments say they believe there is a need for industry-level regulation governing professional ethics for AI.
Although still in its early stages, the pace of regulatory activity is Rapidly gaining momentum.
One example is President Joe BidenofPresidential Decree, The Presidential Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence, issued on October 30, 2023, balance The benefits of AI Potential risks It also outlines key principles and guidelines for the development and use of AI in the United States.
For industry professionals, the order brings both opportunities and challenges. The need to advise and represent clients on AI-related legal issues, such as ethics and regulation, has The Cost of ComplianceThe Executive Order will bring further growth opportunities to the sector. However, it will impact the way the legal sector operates and how legal services are delivered. Legal professionals will need to adopt and use AI systems in their work, including research and analysis.
This is just one example Regulatory Initiatives Other developments underway at the federal, state and international levels include, but are not limited to:
- of At the federal level, he proposed the American Data Protection and Privacy Act.
- Laws have been enacted in about a dozen U.S. states, with legislation pending in about a dozen more.
- The EU AI Bill proposed by the European Union aims to provide a regulatory framework for global AI governance.
|
Professional Future ReportHow AI is the catalyst for transforming every aspect of work |
Overcoming the challenges of using AI
Deciding when and how to use AI is one of the challenges facing risk management professionals. AI regulation is still emerging and changing the landscape.
As mentioned above, many risk professionals believe AI can improve productivity and internal efficiency. However, that doesn’t mean concerns don’t exist, especially when it comes to accuracy and data security.
It’s perhaps not surprising that 66% of experts believe AI will bring new challenges, according to a Thomson Reuters report. One of the biggest concerns is the lack of accuracy that can result from queries and proactive suggestion prompts to existing AI chat tools. Specifically, 25% of respondents said they were most concerned about reduced accuracy, and 15% said they were concerned about data security.
Therefore, human intervention is key: rather than taking AI output at face value, humans need to be involved in the process to verify accuracy. This is especially true when dealing with sensitive or critical issues, or when using AI output as advice.
““I believe that AI has the potential to reduce human engagement and increase reliance on (currently) imperfect systems,” one study warns. Respondent. “Keeping up will require regulation and constant technological innovation. AI-related risk factors.”
The ethical case for using AI
As AI becomes more and more prevalent in the business world, will ethics be “ignored”? Some fear that this will happen. This is why companies and the corporate sector should: Ethical concerns surrounding AI.
According to a Thomson Reuters report, one of the top five concerns is that AI will “Throw ethics out the window.”
To address this concern, one survey respondent stated: “Ensuring that AI and related information/documentation is appropriate, accurate, reliable and ethically acceptable.”
It's important for professionals to remember that AI is usually best used to speed up processes or reduce time spent on routine tasks like research. AI should not be relied upon to give precise answers or conclusions. To elaborate further, consider the following: Use Case:
Accelerate research
For example, we use AI to provide background information and updates on legal developments and case law. AI provides experts with a fast start on their research by reducing the time it takes to load and summarize content. Corporate CategoryThese insights help in-house experts make more informed strategic decisions for their organizations.
Additionally, one survey respondent said AI would help “speed up research” and decision-making. “Natural language queries will replace complex reports.”
Speeding up document reviews
As one survey respondent explained, “Document analysis tasks that are currently performed manually can be largely automated and made much faster, resulting in faster response times.”
Enhance data integration and analysis
Industry professionals spend a lot of time creating, reviewing and sending various document forms. AI tools backed by expert oversight can help them classify files quickly and seamlessly, improving accuracy and reducing risk.
Speed up communication with clients
As one survey respondent explained, “AI can really help by doing a lot of the homework up front, adding the expert fine-tuning and experienced advice your customers need — all faster, so you can meet their communications expectations.”
Addressing the ethical and regulatory issues surrounding the use of AI is not easy, especially as technology and the regulatory environment continue to evolve. For more information, The future of professionals report.
