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.
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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:
- 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 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.”
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
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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
