Trust, not budget: Why AI adoption in finance comes down to governance

In the rapidly evolving world of corporate finance, the driving factor for AI adoption is not budget but governance, according to Christie Kozlik, chief accounting officer at Accel Entertainment Inc. This shift is particularly pronounced in regulated industries, where the accuracy of financial data is paramount. Kozlik emphasized that while AI tools like Claude can be turned on, the real challenge lies in using them effectively and obtaining the desired output.

She pointed out that AI models may sound confident in their responses, regardless of whether they are right or wrong, which can be misleading. To tackle this, Kozlik advocates for a disciplined approach: defining the input, expected output, and the root problem the AI is designed to solve, then reviewing this with both internal and external auditors.

She also highlighted the importance of measuring ROI against specific metrics, such as shortening the financial close from seven days to five. Kozlik’s current focus is on enhancing Securities and Exchange Commission reporting and building out the company’s ERP systems, which are heavily audited areas where data governance is crucial.

She suggests that by rating the data used for AI, companies can identify and address potential risks, thus ensuring a smoother integration of AI in finance and accounting. Kozlik’s insights were shared during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio, where she discussed these topics with co-host Alison Kosik.