AI’s Ethical Risks Demand Urgent Action, Warns ACCA on Global Ethics Day

MUMBAI:

Artificial intelligence is no longer a future concern but a present reality, bringing with it ethical challenges that demand urgent action. Marking Global Ethics Day, ACCA (the Association of Chartered Certified Accountants) and CISI (the Chartered Institute for Securities & Investment) warn that without improved skills, stronger governance and aligned policies, the profession risks losing the trust on which it is built.

The report, AI Monitor: Shining a light on AI’s ethical threats for finance professionals, identifies four key findings:

AI is already embedded across work and life, making its ethical implications unavoidable.

AI poses specific risks for finance professionals, reinforcing the importance of applying fundamental principles.

AI literacy is essential to combine technical understanding with ethical judgement.

Alignment is needed across individuals, organisations, and policymakers, as no single group can manage these challenges in isolation.

The report also sets out practical considerations for the profession, calling on individuals to strengthen their awareness of ethical dilemmas when using AI, supported by practical checklists to guide decisions. Organisations are urged to create governance frameworks, set the right leadership tone and foster a culture that enables professionals to exercise judgement responsibly. For policymakers, the priority is to work with professional bodies to align regulations, reduce fragmentation and manage systemic risks.

Helen Brand OBE, chief executive of ACCA, said: “Ethical threats from AI are here, they are no longer theoretical. While AI is reshaping the way finance professionals work, it does not change the foundations of our profession: the fundamental principles of integrity, objectivity, professional competence, confidentiality and professional behaviour. These principles equip us to recognise and address the challenges that arise with AI, but the burden cannot rest on individuals alone. Organisations, regulators and policymakers must invest in upskilling, governance and collective frameworks so that AI adoption strengthens public trust and ensures decisions remain anchored in ethical judgment.”

Tracy Vegro OBE, chief executive officer at CISI said: “This report and its global frame of reference confirms the critical link for our profession between skills, governance and trust in supporting an ethical AI ecosystem. Technology and trust must go hand in hand and ethical frameworks are essential for AI development, supported by profession-wide skills and training. This report confirms the key role of professional bodies such as the CISI and ACCA in ensuring professionalism, integrity and the building of confidence and trust for consumers. The CISI Certificate in Ethical AI, distributed jointly with ACCA, is an example of how we are embedding ethics, accountability, and professionalism into the core of AI practice. Our collective commitment for our practitioners to skills and lifelong learning, through continuing professional development, maintaining the highest ethical standards and adhering to our Codes of Conduct are fundamental to consumer confidence in our use of AI. We invite all professionals to champion et

The joint research draws on global roundtables across Asia Pacific, Africa, the UK and South Asia, where professionals explored scenarios such as audit automation, algorithmic HR decision-making, and data-driven tax advice. Discussions confirmed that while finance professionals are well positioned to apply ethical judgement, success depends on broader systems of support and alignment.