- The new paper sets out key considerations that will help business leaders and policymakers strengthen their trust in AI systems
- Guidance is intended to support effective AI assessments covering AI governance, compliance and performance
- As AI adoption grows, businesses are trying to help deploy safe, reliable and effective AI systems
According to a new policy paper from Chartered Certified Accountants (ACCA), a new policy paper from EY and Global Accountancy Body, companies that effectively evaluate artificial intelligence (AI) systems can better leverage the potential of technology that will increase innovation, productivity and growth.
The report – “AI Evaluation: Improved Trust in AI” explores new areas of AI assessment, including a broad spectrum of AI assessments across technology, governance and compliance assessments.
These assessments outline the roles these assessments can play in assessing whether AI systems are properly managed and complying with applicable laws and regulations, and run according to the expectations stated by business leaders and others. Effective AI assessments enable businesses to deploy effective, reliable, and reliable AI systems.
This paper addresses the current challenges associated with these new types of AI assessments and identifies the key elements needed to make them robust and meaningful for different users.
AI assessments are increasingly being considered and used by businesses, investors, insurance companies and policymakers in the adoption and deployment of AI, whether voluntarily or mandatory.
The publication of the EY-ACCA paper comes as the policy environment related to AI assessment continues to evolve. Among the latest developments is the Trump administration's release of AI Action Plans. It states that “strict assessments can be an important tool in defining and measuring the reliability and performance of AI in regulated industries.”
This paper details how AI assessment can promote increased confidence in AI. This paper identifies three new types of AI assessments.
- Governance Evaluation – Evaluates the internal governance structure surrounding AI systems.
- Conformance Assessment – Determine compliance with applicable laws, regulations and standards. and
- Performance evaluation – Measure AI systems against predefined quality and performance metrics.
This report outlines many current challenges that hinder the robustness and effectiveness of some AI assessment frameworks, and explains how these can be managed through the adoption of well-specified goals. Well-defined methodologies and criteria. A competent, objective, professionally accountable provider.
The report also sets up a number of specific proposals to ensure that AI assessments are as effective as possible for business leaders and policymakers.
- Business leaders should consider the role of AI assessments, including voluntary assessments, in strengthening corporate governance, risk management, and construction confidence for AI systems between customers and employees.
- Policymakers are encouraged to define very clearly the objectives, components, methodologies, and criteria of AI assessment. It also supports AI assessment criteria that are compatible with minimal burdens in business, as far as feasible, other countries and other ways.
- Policymakers also need to support market capacity building to provide a high-quality, consistent, and cost-effective assessment.
EY Global Vice Chair Marie Lare Delarou, Assurance said:
“AI has progressed faster than many of us imagined, and now faces an inflection point, presenting incredible opportunities, complexity and risks. It is difficult to overstate the importance of ensuring safe and effective adoption of AI.
“As businesses navigate the complexity of AI deployments, they ask fundamental questions about the implications and impact of AI initiatives, reflecting the growing demand for trust services that are consistent with EY's existing capabilities in assessment, readiness assessment and compliance.”
Helen Brand, CEO of ACCA, said:
“As AI expands across the economy, the ability to trust in technology is essential to the public interest, a field that needs to bridge skills gaps and build trust in the AI ecosystem as part of promoting sustainable business.
Read the report: How AI ratings increase your trust in AI
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About ACCA
We are ACCA (Certified Public Accountants Association), a globally recognized and professional accounting organization that provides accounting standards around the world.
Founded in 1904 to expand access to the accounting profession, we have long advocated for inclusion and today we have proudly supported a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our future prospect qualifications, continuous learning and insights are respected and valued by employers in all sectors. They have business and financial expertise and ethical judgment to individuals to create, protect and report on the sustainable value provided by organizations and the economy.
Our ambition, guided by our purposes and values, is to guide the accounting profession in a changed world. In partnership with policymakers, standard setters, donor communities, educators and other accounting organizations, we are strengthening and building professions that drive a sustainable future for all.
