Businesses that undertake effective assessments of their artificial intelligence (AI) systems can better harness the technology’s potential to boost innovation, productivity, and growth, according to a policy paper published by global accountancy body ACCA, (the Association of Chartered Certified Accountants) and global professional services organisation, EY.
The report – AI Assessments: Enhancing Confidence in AI – explores the emerging field of AI assessments, which encompasses a broad spectrum of AI evaluations, spanning technical, governance and compliance assessments, through to more traditional assurance and audits.
It outlines the role these assessments can play in evaluating whether AI systems are well governed, compliant with applicable laws and regulations, and perform in line with business leaders’ and other users’ stated expectations. It makes the case that effective AI assessments allow businesses to deploy AI systems that are more likely to be effective, reliable and trusted.
The paper also addresses the current challenges that come with these emerging types of AI assessments and identifies the key elements needed to make them robust and meaningful for their different users.
AI assessments, whether voluntary or mandated, are increasingly being considered and used by businesses, investors, insurers and policymakers as adoption and deployment of AI accelerates around the world, and amid a growing need to build and enhance trust in the technology.
The publication of this paper comes at a time when the policy landscape relating to AI assessment continues to evolve. Among the latest developments is the Trump administration’s publication of an AI Action Plan, which states that ‘rigorous evaluations can be a critical tool in defining and measuring AI reliability and performance in regulated industries’.
The paper details how effective AI assessments can foster increased confidence in AI. The paper identifies three emerging types of AI assessments:
- Governance assessments – to evaluate the internal governance structures surrounding AI systems;
- Conformity assessments – to determine compliance with any applicable laws, regulations and standards; and
- Performance assessments – to measure AI systems against predefined quality and performance metrics.
The report outlines a number of 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 objectives; clearly defined methodologies and criteria; and competent, objective and professionally accountable providers.
The report also sets out a number of concrete suggestions to help business leaders and policymakers ensure AI assessments are as effective as possible, including:
- Business leaders should consider the role AI assessments – including voluntary ones – can play in enhancing corporate governance, risk management and building confidence in AI systems among customers and employees.
- Policymakers are encouraged to very clearly define the purpose, components, methodology and criteria of AI assessments; and support AI assessment standards that are – to the extent practicable – compatible with those in other countries and in other ways minimally burdensome on businesses.
- Policymakers should also support capacity-building in the market to provide high-quality, consistent, and cost-effective assessments.
Helen Brand, chief executive, ACCA, said: “As AI scales across the economy the ability to trust what it says is not just important, it is vital for the public interest. This is an area where we need to bridge skills gaps and build trust in the AI eco-system as part of driving sustainable business. We look forward to collaborating with policymakers and others in this fascinating and important area.”
Marie-Laure Delarue, EY global vice-chair, assurance, says: “AI has been advancing faster than many of us could have imagined, and it now faces an inflection point, presenting incredible opportunities as well as complexities and risks. It is hard to overstate the importance of ensuring safe and effective adoption of AI. Rigorous assessments are an important tool to help build confidence in the technology, and confidence is the key to unlocking AI’s full potential as a driver of growth and prosperity.
“As businesses navigate the complexities of AI deployment, they are asking fundamental questions about the meaning and impact of their AI initiatives. This reflects a growing demand for trust services that align with EY’s existing capabilities in assessments, readiness evaluations, and compliance.”
