We always like to know about the ways we can do our jobs even better. We surveyed 30 consulting firms active in 25 countries about Artificial Intelligence to understand how it is being used and its future. Here is what we learned.

AI is evolving as a resource for businesses, so we decided to ask 30 of our global peers engaged in due diligence, fraud investigations, compliance and litigation support about their views. We learned that consulting firms are already using AI to help with report writing, data organization, analysis, and administrative tasks, but it was not yet being used or capable of more complex tasks involving due diligence and other kinds of complex research. 

There are millions of people tied to hundreds of millions of companies, shell companies, litigation matters, adverse media reports, fraud cases, bankruptcies, and crimes. Linking the right people and organizations with the correct information is perhaps the most vital task that we perform, but so far, most have concluded that AI is not up to that task, at least not yet. 

• Just over half of our peers (56%) have used AI. 
• ChatGPT is the dominant AI tool being used. 
• About 50% use AI more than five times per week in their work, while 38% use it periodically or less than five times per week, and the remaining rarely use AI (13%).
• 40% use it to assist with report writing.
• 29% with risk scoring.
• 20% rely on AI for data or information collection. 
• Only 11% use AI when obtaining information on a company or individual.

OUR CONCLUSIONS

AI is at its Infancy and can be relied on for administrative tasks, organizing data, and report writing, but will become more important.

Many peers expressed concerns about AI usage when conducting research as it is currently producing inaccurate information, and especially false red flags that could mislead clients. For example, a due diligence investigation using AI could produce information that is incorrect, confusing one business that had been investigated for fraud or convicted of bribery with the wrong owners or even the wrong country. This could destroy a partnership opportunity, merger, or investment, and create legal liability for parties.

RECOMMENDATIONS

Keep on Trying – AI has vast potential but be cautious in its use.

Continue to evaluate products and services using AI. Compare AI results against information that you know is accurate.

Be open to new ways of doing things, we believe that AI has the potential to possibly radically change our business, although we are not sure exactly how and when that will happen.

Last, we have determined that relying solely on AI to conduct certain kinds of sensitive research is likely fraught with risk until it is able to accurately link information like litigation or criminal records to specific organizations or people.

Contact us to learn why we are different from other due diligence firms.