According to the Global Economic Crime and Fraud Report conducted by the global audit firm PwC, financial fraud and cybercrime hit an all-time high this year. In fact, in the past two years, 49% of international organizations reported experiencing economic fraud. While numerous institutions are introducing new technologies to eradicate crime, technology to prevent economic crime and fraud with artificial intelligence is attracting attention. According to a report by PwC, there are three common types of economic crime and fraud. These are asset theft, cybercrime, and consumer fraud.

The strategic importance of AI is growing at an accelerating pace. Many companies are reaping the rewards of AI now and will increase their investments as a result. Every board member and every senior executive must understand the key trends in AI that will impact their businesses. According to ResearchAndMarkets.com, the global artificial intelligence market is expected to grow from $40 billion in 2020 to $51 billion in 2021 at a compound annual growth rate (CAGR) of 28%. The market is expected to reach $171 billion in 2025 at a CAGR of 35%.

Amazon's Transportation Risk and Compliance (TRC) Team protects Amazon's various transportation businesses by implementing scalable risk management solutions that foster continued business growth. To support the business, we build tools to digitize evidence collection to streamline the audit experience for our transportation partners. We are seeking a seasoned senior Data Engineer who can lead other data engineers, business analysts, and software development engineers to build the most advanced data architecture and products at Amazon and in the world. This mandates building highly available and scalable distributed systems. In this role you will be responsible for designing and delivering large data technical solutions across the TRC organization.You will define and help launch innovative analytical applications used by Product Management, Operations, Auditors, other Dev teams, and Executives with a direct impact on the design, architecture, and implementation of flagship products that customers love and use every day.

Artificial Intelligence (AI) and Machine Learning (ML) have burst into the spotlight in recent years getting attention from businesses and all levels of society. Awareness of AI has drastically increased as people become more familiar with how the tech giants are using data to enhance their products and create better solutions. The market is opening up to more AI-infused products, and the public are regularly interacting with AI as it slips into their day-to-day lives through smartphones and virtual assistants. Many companies who are taking the plunge with AI initiatives are not coming out on top, and this is usually because they were not AI Ready when they thought they were. So what does it mean for a business to be AI Ready?

The 122-page publication, called "Explaining decisions made with AI" and written in conjunction with The Alan Turing Institute, the U.K.'s national center for AI, hopes to ensure organizations can be transparent about how AI-generated decisions are made, as well as ensure clear accountability about who can be held responsible for them so that affected individuals can ask for an explanation. It does not directly reference AI or any associated technologies such as machine learning. However, the General Data Protection Regulation (and the U.K.'s 2018 Data Protection Act) does have a significant focus on large-scale automated processing of personal data, and several provisions specifically refer to the use of profiling and automated decision-making. This means data protection law applies to the use of AI to provide a prediction or recommendation about someone. The ICO suggests compliance teams (including the DPO) and senior management should expect assurances from the product manager that the system the organization is using provides the appropriate level of explanation to decision recipients.

This article was first published in the April 2019 China edition of Accounting and Business magazine. Emotional intelligence is an increasingly important factor for success for finance professionals, particularly in the era of artificial intelligence (AI). The link between the two was explored at the ACCA Hong Kong CFO Summit, held late last year, at which delegates were asked to consider how finance leaders can seek to thrive in the digital age. 'Our strength in this increasingly digital age is being human, exercising judgment, scepticism and emotional maturity,' said Jane Cheng, head of ACCA Hong Kong. 'Emotional competencies are critical to becoming a trusted and capable professional accountant, someone who can combine analytical figures with emotional maturity.'

AI is a powerful tool. But before you invest time and money in the technology, you need a strategy to guide its use. Without an AI strategy, AI will become an additional cost that fails to deliver a return on investment. Below, from our AI Playbook we describe how to: identify appropriate use cases for AI; select your first AI initiative; explore deployment strategies; anticipate timescales; predict required budget; and establish the cultural buy-in necessary for success. At our AI Masterclass, Richard Potter (Founder & CEO, Peak) explored the Playbook and shared his own best practices for AI Strategy.

Intelligent applications, machine learning, and most other AI-related buzzwords are on the "peak of inflated expectations," according to Gartner's Hype Cycle for Artificial Intelligence, 2018. Most finance leaders will readily agree with the report's opening line: AI is almost a definition of hype. While many companies point to the future potential of AI, it does little to help finance today. The reality is that it may not be materially beneficial to our daily workloads, at least not for a few years. But that doesn't mean finance should sit back and wait for AI capabilities.

Business leaders put too much faith in using artificial intelligence (AI) to solve their cyber security problems, and should instead focus on educating users on cyber hygiene and managing risks, according to a cyber security expert. Security technologist Bruce Schneier's insights and warnings around the regulation of IoT security and forensic cyber psychologist Mary Aiken's comments around the tensions between encryption and state security were the top highlights of the keynote presentations at Infosecurity Europe 2017 in London. You forgot to provide an Email Address. This email address doesn't appear to be valid. This email address is already registered.

Machine Learning is changing functions such as customer service, marketing and even BI and the top C-suite has agreed on the inevitability of AI transforming the business landscape. Insights from a top research firm indicate that AI capabilities will be baked into every software product by 2020. According to a recent survey by Teradata that polled 260 enterprises across the globe, organizations are seeing AI as a strategic priority that will help them outpace the competition in their respective industries. Atif Kureishy, Vice President, Emerging Practices at Think Big Analytics, a Teradata company mentioned that to leverage the full potential of this ground-breaking technology and gain maximum ROI, businesses will need to revamp their core strategies. "AI has an embedded role from the data center to the boardroom," he said adding it is time for organizations to create a new position in the C-suite position --Chief AI Officer.