Post #75
February 7, 2024
Claire Bodanis
Claire holds back her planned blog to bring you the exciting news that this week her campaign for the responsible use of AI in reporting was the subject of The Banker’s editorial.
Dear readers,
This month I was all set to send you my latest thoughts on ESRS, and the thorny question of materiality. But then The Banker – the international financial affairs publication of the Financial Times – roundly endorsed my campaign for the responsible use of AI in reporting. And, well, it would be rude not to mention it.
Earlier this week, in an editorial titled The risks of ‘hallucinating’ financial reports, editor Silvia Pavoni mentioned KPMG’s research in the US on the use of AI – then went on to say: ‘In the UK, a far smaller consultancy than KPMG has been sounding the alarm bell. Claire Bodanis, the founder of Falcon Windsor, a minute company offering corporate reporting services, has been knocking at the door of the body regulating auditors and accountants – the Financial Reporting Council – asking for intervention.’ The article also highlights our new research project with Imperial College London and Insig AI.
I’m not quite sure how The Banker found out about my upcoming meeting with our friends at the FRC, but I’ll certainly report back to you all! And in the meantime, please do read the article – it’s well worth it for its thoughts on AI and banking, let alone the comment on our work.
And I promise to share more thoughts on ESRS and sustainability reporting standards in our March blog.
Claire
PS We’ll happily take ‘minute’. As Insig AI’s ESG Research Director Diana Rose put it: ‘Minute but mighty’!