More Than 80% of IROs Are Experimenting With or Actively Exploring AI and Consider Data Security as the Biggest Challenge to Adoption
NEW YORK, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Notified, a globally trusted technology partner for public relations, investor relations, and marketing professionals, today announced its latest report, Artificial Intelligence and Investor Relations: A Roadmap for Successful and Responsible Implementation, created in partnership with IR Magazine. The guide presents a framework for the secure and ethical use of artificial intelligence (AI) in investor relations and was developed with insights from Notified and IR Magazine’s AI Working Group, a series of workshops at which investor relations officers (IROs) in Toronto, New York, and London explored the impact of AI on the industry.
Key best practices and findings include:
- Create an Implementation Checklist: More than 80% of AI Working Group members are experimenting with, or increasing their knowledge of, AI and its application to their roles. Members also said that knowledge about AI and its applications is a top barrier to adopting the technology. With this, IROs should create an implementation checklist that includes understanding the definitions of AI and how it works, establishing budget and procurement guidelines and KPIs, and creating an AI use policy to ensure compliance.
- Establish an Ethical Use Policy: Security and privacy are top concerns hindering AI implementation. IROs must prioritize the foundation of an ethical use policy, partnering with their organization’s HR, IT, executive, and legal teams to set out companywide rules and enforcement policies surrounding AI technology. Sixty-five percent (65%) of Working Group members do not have an AI use policy in place.
- Form an AI Oversight Committee: Organizations should form an internal committee that includes representation from the IR team and is responsible for evaluating costs, vetting AI vendors, delegating which tasks within their organizations should be automated, and establishing how to measure success and recalibrate the use of AI.
“It’s clear that IROs recognize AI’s potential to transform their role. Our AI Working Group reflects this – IR pros are now motivated to experiment with and implement new tools and technology across their organizations,” said Erik Carlson, Chief Operating Officer and Chief Financial Officer at Notified. “But most are still concerned about ensuring the secure and ethical use of AI. We’re excited to share these findings and best practices with the IR community, offering the guidance needed to use AI responsibly.”
“The tech-driven future that the IR industry has been exploring and discussing is now upon us, and IROs are ready to usher in the new era of AI-driven investor relations,” said Ian Richman, President of IR Magazine. “We’re thrilled to partner with Notified to offer IR professionals the critical direction and counsel needed to successfully integrate AI into their work.”
Read the report, Artificial Intelligence and Investor Relations: A Roadmap for Successful and Responsible Implementation, here.
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About IR Magazine
IR Magazine is the independent, global voice of the investor relations profession. It has been at the heart of the investor relations community for more than 30 years – covering the evolution from financial communications and PR to strategic investor relations and capital markets intelligence.
From ESG to earnings results, corporate access to corporate governance, IR Magazine supports public companies in meeting the needs and expectations of their investors and other stakeholders through our award-winning events and editorial coverage.