Facing the challenges of ethics and trust in an AI-driven world

IN recent years, a new challenge has come into play in the battle against corruption and unethical behaviour - and that's the rise of artificial intelligence (AI). The recent news that the Monetary Authority of Singapore (MAS) is consulting with the financial industry on potential ethical pitfalls in the use of artificial intelligence (AI) and data analytics means that these concerns are rising.

There have even been reports that such consultation may lead to regulatory guidelines in what's a fast-moving and inherently volatile space. This clearly has implications for the accountancy sector and the accountancy profession. It's an issue on which the Association of Chartered Certified Accountants (ACCA) has been keeping a close watch.

Ethics is the bedrock on which much of the work of professional accountants is anchored. The public and clients trust professionals in all fields to commit to a high standard of ethical behaviour and a willingness to 'do the right thing'.