Nearly Half of Irish Businesses Turn to AI for Risk Management, BDO Report Reveals

• 48% of Irish businesses are investing in AI as a measure to deal with risks  
• BDO’s Techtonic States, is a ground-breaking global thought leadership study by BDO Digital that examines the macro forces that will impact their businesses over the next three years.  

In its latest 'Techtonic States' study, BDO in Ireland, a leading firm in Audit, Tax, Advisory, and Consultancy, has discovered that 48% of Irish businesses are increasingly adopting Artificial Intelligence (AI) as a key strategy for risk management. Conducted by BDO Digital Globally, the finding highlights a significant trend in the Irish business landscape and is part of a larger exploration into the evolving role of technology in business.

The findings of the report came from a comprehensive two-part research methodology, integrating alternative futures scenario planning and global opinion surveys. Participants in the study hailed from a diverse set of countries, including Ireland, Australia, Canada, Germany, Israel, the Netherlands, the United States, and the United Kingdom. The research spanned across key sectors such as financial services, private equity, manufacturing, technology, and the public sector, ensuring a broad representation of perspectives and insights.

The global study sheds light on the pressing need for technological innovation, with 84% of business leaders worldwide recognising it as essential for their organisation's survival. Additionally, the report indicates a growing awareness of the risks associated with failing to effectively utilise technology and data, with 86% of leaders highlighting this as a concern.

A notable 75% of respondents also identified a lack of technology expertise as a significant risk to organisational growth, indicating a gap in skills that needs addressing.

Commenting on the study, Aidan McHugh, Partner BDO stated, "The 'Techtonic States' study reflects a shift in the business mindset, with advanced technology, particularly AI, becoming a key element in risk management strategies. In Ireland, this trend is evident as businesses increasingly look towards AI to address their risk management needs."

Aidan added, " Moreover, the study reflects a global consensus among business leaders on the necessity of accelerating technological innovation for organisational survival. Embracing such technology is no longer optional but imperative, allowing businesses to future-proof themselves and navigate potential challenges effectively."