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Report on the future of professionalsHow AI is the Catalyst for Transforming Every Aspect of Work |
This is a time of transformation for businesses as technological advances, such as artificial intelligence (AI)are increasingly impacting every industry, transforming the way businesses operate, approach workforce management, and serve customers. For companies and corporate departments in the legal and risk sector, the ethical and regulatory issues surrounding the use of AI are quickly coming to the forefront.
To help industry teams peel back the layers and better determine when to use AI, when not to use it, regulatory compliance issues, etc., the Thomson Reuters The future of professionals The report surveyed more than 1,200 employed professionals place, areas of risk, tax and accounting, compliance and global trade.
Regulating AI
Despite the enthusiasm surrounding the use of AI in business and benefits to be gainedThe focus is on regulating AI, as is calling for companies to implement policies on use, privacy and communication. If AI is not properly managed, many professionals fear that the potential harm it could cause is significant.
There’s no doubt that there’s excitement surrounding the growing adoption of AI in business. In fact, according to the Future of Professionals report, More than two-thirds of professionals surveyed (67%) said they expected the emergence of AI and Generation AI to have either a transformational or ha change with a strong impact on their profession over the next five years.
Law firms, for example, are optimistic about AI’s productivity gains. Specifically, using AI to perform large-scale data analysis and perform non-billable administrative tasks with greater accuracy. The ability to complete these tasks faster and more efficiently gives legal professionals more time to focus on more billable work. Businesses may also be able to recoup lost revenue due to write-offs caused by inefficiencies within their practice. Given these benefits, many businesses and departments are already leveraging AI.
However, the need for regulation to ensure clarity, trust and Mitigating risks has not gone unnoticed. According to the report, the vast majority (93%) of professionals surveyed said they recognize the need for regulation. Among the main concerns: lack of trust and unease about the accuracy of AI. This is especially true in the context of using AI results as advice without a human reviewing their accuracy.
Firms and internal departments are increasingly being asked to create and implement policies on use, privacy, and communication. Additionally, more than half (53%) of law firms and 43% of corporate legal departments believe that regulations governing AI professional ethics are needed at the industry level.
Although still in its early stages, the pace of regulatory activity is is rapidly growing.
One such example is President Joe Biden‘sExecutive Decree, Published on October 30, 2023. The “Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence” aims to establish a balance between the advantages of AI and the Potential risks and describes key principles and guidelines for the development and use of AI in the United States.
For industry professionals, the executive order presents both opportunities and challenges. The need to advise and represent clients on legal issues related to AI, such as ethics and cost of compliancewill provide the industry with additional growth opportunities. However, the executive order impacts how the legal industry operates and delivers legal services. Legal professionals will need to embrace and use AI systems in their own work, including in research and analytics.
This is just one example among many others. regulatory efforts Projects are underway at the federal, state and international levels. Additional developments include, but are not limited to:
- THE proposed US federal privacy and data protection law.
- Legislation that has been enacted in nearly a dozen U.S. states, with legislation pending in nearly a dozen additional states.
- The European Union’s draft AI law aims to provide a regulatory framework for global AI governance.
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Report on the future of professionalsHow AI is the Catalyst for Transforming Every Aspect of Work |
Meeting the challenges of using AI
Correctly determining when and how to leverage AI is one of the challenges facing risk professionals, especially as AI regulations are still emerging and reshaping the landscape.
As we’ve mentioned before, many risk professionals believe that AI can improve productivity and internal efficiency. That doesn’t mean there aren’t concerns, especially around data accuracy and security.
It’s no surprise to learn that 66% of professionals believe AI will also bring new challenges, according to the Thomson Reuters report. One of the biggest fears: the lack of accuracy that could result from proactive queries or suggestions made to existing AI chat tools. Specifically, 25% of respondents said their biggest fear was compromised accuracy, and 15% said data security.
Human intervention is therefore essential. Humans must remain involved in the process to verify the accuracy of the results, rather than taking AI results at face value. This is especially true when dealing with sensitive or high-stakes issues and AI results are used as advice.
““I think AI may make people less likely to engage and more dependent on systems that are (currently) imperfect,” warns poll respondent. “This will require regulation and constant technological change to keep pace. AI risk factors.”
Ethical cases of AI use
Will ethics disappear as AI becomes more integrated into the fabric of business? Some fear that it will. So it’s important for companies and business departments to stay focused on ethics. Ethical concerns about AI.
According to the Thomson Reuters report, one of the top five fears is that AI ““Ethics must be forgotten.”
To help combat this concern, one survey respondent said it will be essential ““to ensure that the AI and the corresponding information/documents are appropriate, accurate, reliable and ethically authorized.”
It’s important for professionals to remember that AI is typically most effective when used to speed up a process or reduce the time spent on mundane tasks like research. AI should not be used to provide a specific answer or conclusion. To take this a step further, consider the following: Use case:
Launch of the search
Use AI, for example, to obtain general information or to keep up to date with legislative developments and precedents. It can offer professionals a time-saving advantage in their research by reducing the time spent browsing and summarizing content. company departmentsSuch information will help internal professionals make more informed strategic decisions for their organization.
Additionally, one survey respondent said AI would help “speed up research” and decision-making. ““Natural language queries will replace complex reports.”
Speed up document review
As one survey respondent explained: “Document analysis tasks that are currently done manually can be largely automated and done much faster, resulting in faster response times.”
Improve data synthesis and analysis
Industry professionals spend a lot of time creating, reviewing, and sending various forms of documents. AI tools backed by expert human supervision can help professionals sort through files quickly and seamlessly, improve accuracy, and mitigate risks.
Speed up communication with customers
As one survey respondent explained, “AI can help tremendously by doing a lot of the prep work up front, providing professional tuning and adding the insightful advice the customer needs. It can all be done faster, so that the customer’s communication expectations are met.”
Navigating the ethical and regulatory issues surrounding the use of AI can be challenging, especially as technology and regulations continue to evolve. To learn more, explore the The future of professionals report.
