Our TEC Community Seoul recently hosted an informative Tax & Accounting session at our Three IFC Centre featuring Philip Woo, a Senior Partner from Daehyun Accounting Corporation. The insightful event gave our Members valuable insights into the current trends and challenges in Korean tax and accounting and offered practical advice through recent case studies. Here are some key takeaways: 💻 Adopting AI Programmes: AI can enhance efficiency by automating tasks and managing data, but issues with trust and accountability remain. Companies should evaluate which processes can be automated with AI without compromising quality and ensure human oversight for critical decisions. Additionally, it is recommended that a feedback loop be established, which is crucial for continuously improving AI systems based on user input. 🔒 Cybersecurity: With increasing data breach risks, robust cybersecurity measures are essential to protect sensitive financial information. Companies should invest in secure data storage solutions and conduct regular audits to identify and address vulnerabilities. Ongoing cybersecurity training for employees is also essential, ensuring they are informed about best practices and emerging threats. 🌿 ESG Reporting in Financial Documents: ESG factors are increasingly important for investors to understand a company's sustainability efforts. To attract and retain investors, companies must integrate ESG metrics into their financial reports and demonstrate their commitment to sustainability. Educate employees on the significance of ESG reporting and provide training on effective reporting strategies. #Finances #Technology #Seoul
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Founder South Bay Tax Solutions | Certified Tax Advisor | Helping Clients Navigate Tax Codes & Maximize Savings | Transforming Financial Futures Through Strategic Tax Solutions
The digital age has revolutionized financial reporting, presenting both new challenges and opportunities. With technology rapidly advancing, the way financial information is gathered, analyzed, and communicated is undergoing a significant transformation. Today, financial reporting is not just about presenting historical data; it's about offering real-time insights and forward-looking analysis. The integration of advanced technologies like AI and big data analytics is enabling more dynamic and predictive financial reports. However, this digital shift also brings challenges. The sheer volume of data can be overwhelming, and ensuring the accuracy and integrity of this data is paramount. Furthermore, staying compliant with evolving regulatory standards and cybersecurity risks adds layers of complexity. Embracing these changes requires adaptability and a willingness to continually update skills and practices. For those who do, the digital age offers powerful tools to enhance the relevance and impact of financial reporting. #financialreporting #digitalage #technology #ai #bigdataanalytics #realtimeinsights #forwardlookinganalysis #dataintegrity #finance #accounting #regulatorystandards #fyp #cybersecurity #adaptability #skillsupdate #financialinformation
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The digital age has revolutionized financial reporting, presenting both new challenges and opportunities. With technology rapidly advancing, the way financial information is gathered, analyzed, and communicated is undergoing a significant transformation. Today, financial reporting is not just about presenting historical data; it's about offering real-time insights and forward-looking analysis. The integration of advanced technologies like AI and big data analytics is enabling more dynamic and predictive financial reports. However, this digital shift also brings challenges. The sheer volume of data can be overwhelming, and ensuring the accuracy and integrity of this data is paramount. Furthermore, staying compliant with evolving regulatory standards and cybersecurity risks adds layers of complexity. Embracing these changes requires adaptability and a willingness to continually update skills and practices. For those who do, the digital age offers powerful tools to enhance the relevance and impact of financial reporting. #financialreporting #digitalage #technology #ai #bigdataanalytics #realtimeinsights #forwardlookinganalysis #dataintegrity #finance #accounting #regulatorystandards #fyp #cybersecurity #adaptability #skillsupdate #financialinformation
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"Fortress Digital: Navigating the Crossroads of Integrity, Technology, and National Security" is a compelling and insightful read that masterfully tackles the complex interplay between the rapid advancement of digital technologies and the imperatives of national security, all framed within an unwavering commitment to integrity. The book stands out for its nuanced exploration of the ethical, legal, and strategic challenges posed by the digital age, making it a must-read for anyone interested in the future of cybersecurity and international relations. The authors adeptly navigate through the intricacies of modern digital technologies, from the basics of encryption to the cutting-edge developments in artificial intelligence and quantum computing. What sets this book apart is its balanced approach to discussing the benefits and risks associated with these technologies, especially in the context of national security. The case studies presented throughout the book are particularly enlightening, offering real-world examples of how nations are grappling with these challenges today. One of the book's strengths is its thorough examination of the ethical dilemmas and privacy concerns that arise in the quest for security in a digitally connected world. The authors do not shy away from the tough questions about surveillance, data collection, and the potential for abuse, offering thoughtful reflections on how to safeguard civil liberties without compromising security. The section on international cooperation and the development of global norms for cyber conduct is another highlight. It underscores the importance of collective action in combating cyber threats and fostering a secure digital environment. The authors' call for a concerted global effort to establish standards and norms for behavior in cyberspace is both timely and persuasive. "Fortress Digital" is not just an academic or theoretical treatise; it is a practical guide that offers valuable insights for policymakers, security professionals, and tech enthusiasts alike. The writing is clear and accessible, ensuring that even readers with limited technical background can grasp the complex subjects discussed. In summary, "Fortress Digital" is an essential contribution to the ongoing dialogue about the future of technology, ethics, and security. It challenges readers to think critically about how we can navigate the digital frontier in a way that upholds our values and secures our collective future. Whether you're a seasoned expert in cybersecurity or a concerned citizen intrigued by the impact of technology on society, this book offers rich insights and guidance on navigating the challenges ahead. #NationalSecurity #Integrity #Technology #Telecommunications #CloudComputing https://lnkd.in/ggk6hEJp
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The digital age has revolutionized financial reporting, presenting both new challenges and opportunities. With technology rapidly advancing, the way financial information is gathered, analyzed, and communicated is undergoing a significant transformation. Today, financial reporting is not just about presenting historical data; it's about offering real-time insights and forward-looking analysis. The integration of advanced technologies like AI and big data analytics is enabling more dynamic and predictive financial reports. However, this digital shift also brings challenges. The sheer volume of data can be overwhelming, and ensuring the accuracy and integrity of this data is paramount. Furthermore, staying compliant with evolving regulatory standards and cybersecurity risks adds layers of complexity. Embracing these changes requires adaptability and a willingness to continually update skills and practices. For those who do, the digital age offers powerful tools to enhance the relevance and impact of financial reporting. #financialreporting #digitalage #technology #ai #bigdataanalytics #realtimeinsights #forwardlookinganalysis #dataintegrity #finance #accounting #regulatorystandards #fyp #cybersecurity #adaptability #skillsupdate #financialinformation
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Co-Founder at BW Avisory Sp. z o.o., ITGRC ADVISORY LTD., The SOC2 Project, Antifragility Institute
🚀🔐 The U.S. Department of the Treasury just dropped a vital report on AI & Cybersecurity in Finance! Reacting to Executive Order 14110, the Treasury's report, curated by the Office of Cybersecurity and Critical Infrastructure Protection (OCCIP), dives deep into AI's operational risks, cybersecurity, and fraud within financial services. Key takeaways include: Capability Disparities: Highlights the gap between large firms with AI prowess and smaller ones struggling due to data access and cloud migration issues. Data Gaps in Fraud Prevention: Points out the challenge small entities face in amassing data for AI-driven anti-fraud systems. Regulatory Coordination Needed: Calls for a unified regulatory approach to ease AI tech adoption across the financial sector. AI Risk Management: Suggests expanding the NIST AI Risk Management Framework specifically for financial services. Data Supply Chain Transparency: Advocates for clearer data usage in AI models through "nutrition labels" for data. Promoting Explainability: Stresses the importance of making AI systems more transparent and understandable. Human Capital Gaps: Urges the development of AI skills within the workforce to keep pace with tech advancements. Common AI Lexicon: Proposes standardizing AI terminology for clearer communication. Digital Identity Solutions: Encourages the adoption of standardized digital identity solutions for enhanced security. International Collaboration: Emphasizes working with global partners on regulatory and risk mitigation efforts. This report, developed from insights of 42 entities, aims not just to outline use cases and practices but to steer collaboration across sectors and borders for tackling AI-driven challenges. Lin to the report in a comment below. #itgrc #itgrcadvisory #bwadvisory #akademiaitgrc #privacy #cybersecurity
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Regulatory compliance just got a whole lot tougher. Why? Because new risks are emerging faster than the rules can keep up. What Baker McKenzie predicts for 2024: New Threats, Old Rules → Cyber threats and financial crimes are developing faster than the regulatory framework can adapt. That leaves financial institutions struggling to comply with outdated rules. What can be done: - Proactively manage risks - Strengthen risk assessment processes - Engage closely with regulators. - Invest in advanced technologies. It’s not an easy landscape to navigate. Compliance is key to a stronger, more attractive institution on many levels. I believe investing in technology for compliance, including AI is crucial. They will better prepare your institution for future challenges and agility. How do you identify the emerging risks? And what technology do you use to support managing them?
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Accounting services are poised for significant transformations in the coming decade, driven by technological advancements e.g. AI, cloud-based accounting, etc, changing regulatory landscapes e.g. ESG, cybersecurity, etc. and shifting client expectations e.g. need for more services, a shift to strategic advisory, etc. The shift towards advisory services will necessitate a broader skill set that includes strong communication, critical thinking, and problem-solving abilities hence the need for Continued Professional Development to stay competitive. Continuous learning, upskilling in emerging technologies, and adapting to new industry trends will be crucial for success in the evolving landscape of accounting services.
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📄Treasury Department's Report On Managing AI-Related Cybersecurity Risks: The Department of the #Treasury released a report on Managing Artificial Intelligence-Specific #CyberSecurity #Risks in the Financial Services Sector. This report, issued under Presidential Executive Order 14110, underscores the critical importance of navigating the dynamic landscape of #AI while #Safeguarding the financial sector against emerging cybersecurity #Threats. Key highlights and actionable insights from the report: ◾Closing the Capability Gap: The report highlights the divide between large and small financial institutions in #AI #Adoption, with recommendations to bridge this gap and ensure equal access to AI-driven #Decurity measures. ◾Combatting Fraud with Data: Addressing the lack of #DataSharing among firms, the report emphasizes the importance of robust data collection and sharing to bolster #Fraud #Prevention efforts. ◾Regulatory Coordination: To navigate the rapidly evolving AI landscape, the report calls for #Streamlined #RegulatoryFrameworks and enhanced collaboration among regulators. ◾Nurturing AI Governance: Expanding the NIST AI #RiskManagement Framework and developing best practices for data supply chain mapping are among the key strategies proposed to strengthen AI governance. ◾Enhancing Explainability: With a focus on #BlackBox AI solutions, the report advocates for improved explainability and transparency to foster trust and accountability. ◾Addressing Human Capital Challenges: Recognizing the #TalentGap in AI workforce, the report suggests role-specific training and #Competency development to empower employees in managing AI risks. ◾Establishing Common Terminology: Standardizing #AI #Terminology is identified as crucial for fostering clarity and consistency across the financial sector. ◾Untangling Digital Identity Solutions: The report delves into the complexities of #Digital #Identity solutions and calls for harmonization of standards to enhance security and combat fraud. ◾Global Collaboration: Given the #Global nature of #AI #Risks, international coordination is emphasized as essential for effective regulation and risk management. Conducting extensive research and interviews with industry experts, the #Treasury Department has compiled a comprehensive overview of current AI #UseCases, best practices, and recommendations for the #FinancialSector. For more details, access the full report on the Treasury's website (link in the comment section). 💡#AI #Cybersecurity #Finance #Innovation #Technology #TreasuryDepartment #RiskManagement #FraudPrevention #Regulation
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🚀 This September, #RISK Digital UK/EU brings together top minds in Privacy, Security, GRC, RegTech, and AI, with a special emphasis on UK/EU risk. 📅 Join us on 18th September for a one-day livestream event featuring over 30 industry-leading expert speakers. Dive into the latest trends, challenges, and opportunities in risk management. 🔎 Here’s a sneak peek at our agenda: - Balancing Privacy and Innovation: UK and EU Perspectives - Cybersecurity in Critical Infrastructure: Lessons from the UK and EU - A New Era of AI Governance - Integrating ESG into Risk Management and Compliance Frameworks - Building an Agile Risk Team: Navigating Risk and Compliance Trends in 2025 ...and much more! Designed for professionals in Privacy, Security, Governance, Compliance, IT, AI, and Risk, this event offers sessions filled with valuable insights. 🎓 Plus, earn up to 7 CPD (CPE) points and receive a certificate of attendance to showcase your commitment to professional development. Don’t miss out! Register your free place here: https://lnkd.in/eN8Fshir #Privacy #Security #Governance #Compliance #RegTech #AI #RiskManagement #ProfessionalDevelopment #RISKDigital
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As AI transforms financial operations, protecting sensitive data is more crucial than ever. Our company provides advanced cybersecurity solutions specifically designed to counter the unique threats posed by this technological evolution. With our proactive defense strategies, your financial data remains secure in the face of rapid innovation. Learn how we can bolster your cybersecurity as you progress with AI.