The Institute of Chartered Accountants in England and Wales (ICAEW) has called on companies in the Middle East to reshape 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 intricate relationship between data governance, AI, and business innovation. The discussion aimed to equip industry professionals with essential knowledge and best practices to navigate this dynamic landscape. The panellists included:

  • Ian Pay, Head of Data Analytics and Tech, ICAEW
  • Sourav Dey, Senior Manager- Data Analytics, Deloitte
  • Mursleen Iqbal, Financial Controller for Dedicated Networks, Ericsson
  • Raffaele Tiberio, Partner Data & AI, EY
  • Riyad Abbasakoor, Commercial Financial Director, M42 Health

The panel emphasised the increasing importance of robust data governance frameworks in maximising the potential of AI technologies while mitigating associated risks. They highlighted the need for organisations to strike a balance between data accessibility and security, and the vital role of data stewards in ensuring ethical and compliant practices. Adapting to the evolving regulatory landscape was another focal point, urging businesses to proactively adjust their strategies to drive innovation responsibly.

Building data analytics capabilities within organisations emerged as another critical factor. Panellists stressed the importance of developing talent and expertise within audit and finance teams, encouraging a more collaborative approach between IT, audit, and finance departments to effectively harness the power of data analytics.

Real-world case studies were presented, showcasing best-in-class approaches to data governance and AI adoption. This provided actionable insights for businesses to practise data-driven decision-making.

Hanadi Khalife, Head of Middle East at ICAEW, said: "In today's data-driven economy, organisations face a dual mandate: harnessing the power of AI to drive innovation while safeguarding data integrity and privacy. As stewards of data, accountants play a crucial role in ensuring the ethical and responsible use of AI technologies. Through collaborative efforts, both within and outside the organisation, companies can build a culture that promotes AI responsibility, unlocking new growth opportunities."

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About ICAEW

Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 202,000 members and students around the world.

Founded in 1880, ICAEW has a long history of serving the public interest, and we continue to work with governments, regulators and business leaders globally. And as a world-leading improvement regulator, we supervise and monitor over 12,000 firms, holding them and all ICAEW members and students to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet's resources are managed sustainably.

ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.