ICAEW Urges Companies to Prioritize Data Governance and AI in Business Strategies | Kanebridge News
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ICAEW Urges Companies to Prioritize Data Governance and AI in Business Strategies

ICAEW has called on companies in the Middle East to reshape their business strategies around the evolving data governance and the transformative Artificial Intelligence.

Tue, Jun 4, 2024 11:18amGrey Clock 2 min

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 panelists included:

The panel emphasized the increasing importance of robust data governance frameworks in maximizing the potential of AI technologies while mitigating associated risks. They highlighted the need for organizations 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 organizations emerged as another critical factor. Panelists 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 practice data-driven decision-making.

Hanadi Khalife, Head of Middle East at ICAEW, said: “In today’s data-driven economy, organizations 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 organization, companies can build a culture that promotes AI responsibility, unlocking new growth opportunities.”



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Innovative Future-Driven Initiatives unveiled by UAE Ministry of Finance Unveils

New initiatives to drive the country’s future growth and boost its global competitiveness.

Fri, Jun 21, 2024 3 min

The UAE Ministry of Finance has introduced a series of innovative initiatives aimed at propelling the country towards future growth and boosting its global competitiveness. These initiatives align with the ‘We the UAE 2031’ vision and support the UAE’s ambition to establish itself as a global hub for the new economy over the next decade.

These initiatives are designed to create significant positive impacts across all sectors in a short timeframe. They play a crucial role in accelerating the UAE Government’s strategic foresight objectives, with a strong emphasis on financial outcomes that align with the ‘We the UAE 2031’ vision. This vision requires intensified efforts to meet key national indicators, which will positively influence society and the country’s diverse industries and sectors.

The UAE Ministry of Finance today announced the implementation of transformational projects that support the country’s efforts to transition towards the future and enhance its competitiveness, in line with the ‘We the UAE 2031’ vision and the UAE’s efforts to become the global hub for the new economy over the next ten years.

These projects are unique in achieving a significant positive impact in all sectors within short periods of time. These projects support the UAE Government’s efforts to accelerate the achievement of the government’s foresight objectives, with a focus on achieving financial results in line with the ‘We the UAE 2031’ vision, which requires doubling efforts to achieve key national indicators of the vision positively reflecting on society and the country’s various industries and sectors.

His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritizes developing governmental work to be able to meet the future requirements of the nation by adopting new methodologies and ways of working through the digital transformation. He noted that these are pursued by the UAE to achieve a quantum leap in project implementation, budget preparation, and resource management.

His Excellency emphasized the Ministry’s efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments. Among these efforts are empowering Emiratis to represent the UAE internationally.

Transformational Projects

The first project, ‘Developing the Local Debt Capital Market in the Country’, is a joint project with the Central Bank of the UAE by establishing programs for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets, aiming to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state, thereby enhancing market activity, expanding the investor base, and developing a highly efficient financial market in the UAE.

The Ministry of Finance is also working on implementing the project ‘Enhancing the Presence of Specialized Emirati Leadership in the Financial Field at International Forums’ which serves as the main supporter in making the UAE the most prominent in international cooperation over the next ten years. This is a joint project with the Ministry of Foreign Affairs, aimed at investing in empowering national talents to occupy Emirati memberships in leadership positions within international organizations, their committees, or federations linked to the country’s agenda. This will enhance the UAE’s presence in international forums and support its participation in shaping international strategic decisions and building economic partnerships with countries worldwide, through the leadership and membership of national talents from the Ministry of Finance in various international organizations, forums, and boards of directors.

 

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

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