The Institute of Chartered Accountants in England and Wales (ICAEW) has called on businesses in the Middle East to reframe their business strategies around the evolving landscape of data governance and the transformative potential of artificial intelligence (AI).
At a recent virtual event, a panel of experts delved into the complex relationship between data governance, AI, and business innovation. The discussion aimed to provide industry professionals with essential knowledge and best practices to navigate this dynamic landscape. Panelists included:
- Ian Pay, Head of Data Analytics and Technology, ICAEW
- Sourav Dey, Senior Manager, Data Analytics, Deloitte
- Marceline Iqbal, Financial Controller of Dedicated Networks, Ericsson
- Raffaele Tiberio, EY Data & AI Partner
- Riyad Abbasakor, Commercial and Financial Director, M42 Health
The panel highlighted the increasing importance of a robust data governance framework to unlock the full potential of AI technology while mitigating the associated risks. They also highlighted the need for organizations to balance data accessibility and security, and the critical role data stewards play in ensuring ethical and compliant practices. Adapting to the evolving regulatory environment was another focus, urging businesses to proactively adjust their strategies to drive innovation responsibly.
Building data analytics capabilities within organizations emerged as another key factor. Panelists highlighted the importance of developing talent and expertise within audit and finance teams, and encouraged a more collaborative approach between IT, audit and finance departments to effectively leverage the power of data analytics.
Real-world case studies were presented showcasing best-in-class approaches to data governance and AI adoption, providing actionable insights for enterprises to put data-driven decision-making into practice.
Hanadi Khalif, ICAEW Middle East Director, said: “In today's data-driven economy, organisations face a dual mandate: harness the power of AI to drive innovation whilst at the same time protecting the integrity and privacy of their data. As stewards of data, accountants have a key role to play in ensuring the ethical and responsible use of AI technologies. Through collaborative efforts both within and across organisations, businesses can build a culture that promotes AI responsibility and unlock new opportunities for growth.”
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About ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents over 202,000 members and students worldwide.
Founded in 1880, ICAEW has a long history of serving the public interest and continues to work with governments, regulators and business leaders around the world. It is also the world's leading improvement regulator, overseeing and monitoring over 12,000 businesses and demanding the highest standards of professional competence and behaviour from businesses and all ICAEW members and students.
We advance inclusion, diversity and equity, and equip talented professionals with the skills and values they need to build resilient businesses, economies and societies while ensuring the earth's resources are sustainably managed.
ICAEW is the first major professional body to achieve carbon neutrality, demonstrating our commitment to tackling climate change and supporting the United Nations Sustainable Development Goal 13.
ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family connecting over 1.8 million chartered accountants and students in over 190 countries. Together we support, develop and promote the role of chartered accountants as trusted business leaders, change makers and advisors.
We believe that chartered accountants can be a force for positive change: by sharing our insight, expertise and understanding, we can contribute to creating a sustainable economy and a better future for all.
