Becoming a Digital Citizen: Embracing Learning and Development in the Workplace

Sumesh Krishna, Partner

image

HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Schedule a Consultation







    The ever-changing digital landscape ensures that adopting innovative technologies in the workplace will always be necessary. Accountancy and finance professionals must maintain the right level of competence to be effective in their roles.

    Data analytics emerged as a primary area for development across various fields of interest. The main obstacles to maintaining digital skills were perceived lack of time, insufficient resources, and limited opportunities for continuous learning.

    There no reason why developing these skills would be challenging for Individuals. The digital realm is often regarded as confusing, and the wide range of topics that need to be covered can appear daunting. Nevertheless, it is essential to recognize and seize the available opportunities to make the most of them.

    The Challenge of understanding the Business

    • Technology plays a significant role in the responsibilities of finance professionals, regardless of their specific roles. We must be proficient in using and applying relevant tools in our work.
    • As businesses increasingly utilize technology to gain a competitive edge, it is vital to understand the importance of using it correctly and the impact on financial and operational processes.

    Confidence is required in three key areas:

    1. Ensuring the data used by the organization is complete, accurate, and exists.
    2. Familiarity with the tools available for analyzing the data and understanding the organization’s business model to contextualize the analysis within its strategy is essential.
    3. The key to developing our digital competence is a clear understanding of how technology and data are employed in the business.

    Successful finance professionals will integrate their digital skills with accounting expertise, ethical judgment, and business acumen.

    • The successful individuals in the future will be determined by their capacity to establish an efficient operating model that aligns with the organization’s core competencies.
    • As accountants and finance professionals, we must comprehend the organization’s capabilities and effectively utilize our skills to assess how these capabilities are utilized in executing the strategy.

    Seizing the Developmental Opportunities

    The digital quotient combines skill (knowing how to do something) and knowledge based on facts (understanding how to gain commercial advantage, for instance). There is no single developmental path that can address both objectives.

    • Possessing a curious mindset towards innovative technologies and embracing the opportunities available, including learning from colleagues in your workplace, is essential.
    • One potential approach is to identify a few trusted organizations or individuals whose opinions you value and actively follow the insights they develop. This approach helps you to develop an understanding of trends and focus on the areas that are relevant to you.

    There have been two notable periods of increased understanding of business processes.

    • The first occurred with implementation of the first generation of ERP applications in the late 1980s.
    • The second was prompted by the Sarbanes-Oxley Act of 2002, which emphasized internal control and processes. While control documentation has been maintained, the intrinsic comprehension of processes and data flows has been lost.

    For finance professionals, digital transformation presents an opportunity to regain the knowledge of processes and data that was lost. It allows us to maximize our understanding of processes and data to serve our organizations better.

    The Generational Divide

    The reality is that the workforce is experiencing an ageing population. Fertility rates are declining, and in some developed economies, the fastest-growing segment of the workforce is the over-55 age group.

    When technology is discussed, it often involves assumptions about generational differences. One common assumption is that younger generations are naturally more technologically literate, while older individuals struggle to understand the digital world. While these assumptions may have some truth, they overlook a more considerable challenge.

    • The potential challenge for older individuals is that they may be perceived as less adaptable than younger people. Older workers may find themselves comparing their technological comfort with the younger generation, who are more at ease with consumer technology.
    • As technology continues to evolve, it remains crucial for individuals to learn and develop new skills throughout their careers continuously. It doesn’t imply that only technologically adept individuals from older generations drive transformations.

    It is impractical for each generation to rely solely on succeeding generations to master the latest software and innovations. As a profession, we must provide relevant learning opportunities to enable individuals to reach the required performance levels.

    Five sectors of Future Career Opportunity in Accountancy

    1. The Assurance Advocate

      The role of the assurance advocate is to enhance trust and integrity within organizational operations. They may concentrate on enterprise risk management, promoting transparency, and understanding emerging issues that impact business performance.

      Additionally, they are at the forefront of shaping future audit practices as digital tools and technologies. They may even be responsible for auditing algorithms in the future.

    2. The Business Transformer

      On the other hand, the business transformer serves as the driving force behind organizational change. They are responsible for leading significant business change initiatives or transforming finance operations.

      They may also lead innovative smaller accountancy firms specializing in transforming client businesses. Furthermore, they might explore expanding their careers in external advisory services driven by technological innovation and economic growth.

    3. The Data Navigator

      The role of the data navigator revolves around being a valuable business partner. They recognize the immense opportunities presented by the expanding realm of data and leverage emerging technologies and analytical tools to drive insights that lead to tangible business outcomes and effective financial management.

      They advocate for utilizing diverse and comprehensive data sets and employ smart data to produce forward-looking analysis that supports decision-making processes.

    4. The Digital Playmaker

      On the other hand, the digital playmaker is an enthusiastic proponent of technology. They envision the transformative potential of emerging digital tools within their organizations. They actively promote technology adoption and advocate for effective data governance practices.

      They may specialize in digital implementation programs or possess expertise in specific finance and business technologies. The digital playmaker understands that in today’s global economy, digital transformation is crucial for the long-term sustainability of organizations.

    5. The Sustainability Trailblazer

      The role of the sustainability trailblazer is centred around performance management within the organization, with a specific focus on sustainability. They are responsible for establishing frameworks that capture, evaluate, and report on activities that generate value in transparent and meaningful ways for external stakeholders.
      They spearhead the transformation of management accounting practices to align with a multi-capital world, considering various forms of value beyond just financial aspects.

    Developing Your Digital Quotient

    As finance and accountancy professionals, we must consistently invest in our digital skills to capitalize on the available opportunities. Our strong technical background obtained through qualifications is always relevant to our work. However, mastering digital skills in a rapidly changing world is ongoing. While embracing emerging technologies, we should exercise caution and not be swayed solely by their promises.

    • When developing our digital skills, especially in emerging technologies, it is crucial to cultivate initial awareness during the enthusiasm phase.
    • However, we must also avoid heavy investments until the reality phase.
    • Failing to recognize this exposes us to the risk of becoming overly committed to emerging technologies that may ultimately prove less beneficial than anticipated.

    As a Professional

    As professionals in accountancy and finance, continuously enhancing their digital proficiency in separate domains is essential.

    • Firstly, they need to assess the significance of the digital environment in their work setting and comprehend how technology is employed to execute business strategies – in the digital context.
    • Secondly, they should acquire and apply specific skills relevant to the technologies utilized by their organization – digital applications.
    • Additionally, it is crucial to acknowledge emerging technologies as a third category.

    Collectively, these two domains encompass a blend of knowledge and skills, necessitating distinct personal development strategies for each.

     As a Manager or Leader

    As a manager or leader, it is crucial to consider how you can develop and acquire these skills. Additionally, a successfully transformed organization should foster a culture of innovation and curiosity.

    This aspect is equally important throughout the profession, alongside the ability to comprehend the digital landscape within any given role. Some elements of such a culture include:

    • Promoting collaborative work across various functions and geographical locations.
    • Recognizing and rewarding individuals for generating new ideas.
    • Recognizing and rewarding individuals who embrace an agile mindset, being open to testing and adapting.
    • Granting autonomy to employees in making business decisions.

    Establishing a strong digital culture within the organization is imperative for effective leadership. Regardless of age, context, or performance level, it is essential to acknowledge and reward progress.

    HLB HAMT to Assist!

    HLB HAMT is an independent member firm of HLB International, UK. It is one of the top 10 global advisory and accounting firms. With over 23 years of industry experience and an impressive client base of over 3,000 organizations, HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.

    Our audit procedures are tailored to client operations and reporting requirements, specifically focusing on each business and industry. The experience of the audit team, covering many industries and service sectors, enables us to focus on critical areas of risk, adequacy of internal controls, and potential areas of fraud.

    For any audit-related queries or assistance, reach out to audit@hlbhamt.com

     

     

    Would you like to rate us on Google?         

     

    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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    Internal Audit Outsourcing in UAE

    Reema Muneer

    image

    HLB HAMT - Accounting Firm in UAE

    Phone:- +971 4 327 7775
    WhatsApp:- +971 56 219 1607
    Mobile:- +971 55 807 4568
    Email:- dubai@hlbhamt.com

      Schedule a Consultation







      Introduction to Internal Auditing

      An organization’s internal audit department has as its main goals assessing and enhancing the efficiency of internal controls, risk management, and governance procedures. It is a separate, impartial operation created to offer consulting and assurance services to the organization.

      Assessing the efficacy and sufficiency of internal controls and risk management systems is the main goal of internal audit. Internal auditors look at and assess different aspects of the company, including its:

      • operations
      • financial systems
      • adherence to internal rules and procedures, and
      • compliance with laws and regulations.

      They seek to pinpoint operational inefficiencies, possible risk factors, and growth prospects.

      Key aspects of Internal Audit

      • Independence

        It is important for internal auditors to be impartial towards the areas they are auditing. This independence guarantees their evaluations’ objectivity and impartiality and enables them to offer unbiased evaluations of controls and procedures.

      • Scope of Work

        The objectives, hazards, and regulatory requirements of the organisation are used to set the internal audit’s job scope. It includes a wide variety of tasks, including financial controls, operational procedures, adherence to legal and regulatory requirements, information technology systems, and strategic initiatives.

      • Risk Assessment

        Risks inside the organisation are evaluated and prioritised by internal auditors. This entails identifying possible hazards, assessing their potential effects, and figuring out how likely it is that they will occur. Internal auditors concentrate their attention on the areas that are most important to the organization’s goals with the use of the risk assessment.

      • Audit Planning

        Internal auditors develop a comprehensive audit plan based on the identified risks and objectives. The plan outlines the scope, objectives, methodology, and timelines for the audits to be conducted. It serves as a roadmap for executing audit engagements effectively and efficiently.

      • Testing and Evaluation

        To evaluate the efficiency and effectiveness of controls and processes, internal auditors conduct testing and assessment methods.

        Analysing data, conducting interviews, reviewing paperwork, and doing sample testing are some of the methods used by internal auditors. The goal is to evaluate if controls are correctly designed and working to reduce risks.

      • Reporting

        After completing audits, internal auditors communicate their findings, observations, and recommendations to management and relevant stakeholders. Audit reports highlight areas of strength, weaknesses, and opportunities for improvement. They also provide recommendations for enhancing controls, mitigating risks, and improving operational efficiency.

      • Follow-up and Monitoring

        To make sure that management has taken the proper action, internal auditors monitor the execution of their recommendations. They could carry out follow-up audits or evaluations to gauge how well the adopted measures are working. This constant observation enables us to make sure that problems discovered during audits are properly handled.

      What is outsourcing of Internal Audit services?

      Outsourcing of services refers to the practice of contracting and delegating specific tasks, functions, or processes to an external service provider. This allows organizations to leverage the expertise and resources of external entities to perform certain activities, rather than handling them internally.

      Outsourcing Internal Audit Services in UAE: An Overview

      In the United Arab Emirates (UAE), outsourcing of internal audit services refers to the practice of engaging an external firm or service provider to conduct internal audit activities on behalf of an organization. Instead of establishing an in-house internal audit department, organizations opt to outsource this function to a specialized external firm.

      Outsourcing internal audit services in the UAE offers several potential benefits, such as:

      • Expertise

        Through outsourcing, businesses may access the specialised knowledge and abilities of qualified auditors with expertise in a range of fields and sectors. These outside specialists can offer a fresh perspective or viewpoint and in-depth knowledge of best practices in internal auditing.

      • Cost Efficiency

        Compared to keeping an internal audit department in-house, outsourcing might be a more affordable option. Companies can cut expenses connected with internal teams’ hiring, training, compensation, perks, and infrastructure. The costs of outsourcing are frequently more adaptable and predictable since they depend on the nature of the task.

      • Flexibility and Scalability

        Internal audit services may be scaled according to the demands of the organisation when they are outsourced. The external service provider may set aside extra resources during times of heightened audit activity to fulfil the demand. On the other hand, organisations can change the amount of outsourcing as audit needs drop.

      • Access to Technology and Tools

        External audit firms often possess advanced audit technology and tools that may be cost-prohibitive for an organization to acquire on its own. By outsourcing, organizations can leverage these resources without the need for significant upfront investments.

      • Independence and Objectivity

        The auditing process may become more impartial and independent by outsourcing internal audit services. External auditors can offer a more objective assessment of controls, risks, and governance practises since they present an unbiased viewpoint free from potential conflicts of interest.

      • Compliance and Regulatory Expertise

        UAE external auditors are knowledgeable about regional laws, rules, and corporate governance norms. Organisations may gain from the experience and direction of experts who are familiar with the unique compliance standards in the UAE by outsourcing internal audit services.

      While outsourcing internal audit services in the UAE organizations should carefully consider factors such as:

      • reputation and experience of the service provider,
      • confidentiality and data security measures,
      • service-level agreements, and
      • the ability to maintain effective communication and coordination between the external auditors and internal stakeholders.

      Conclusion

      To conclude we can say that outsourcing internal audit services in the UAE can be a strategic choice for organizations seeking to optimize their resources and gain access to specialized expertise.

      It offers;

      • cost-efficiency
      • flexibility
      • independence, and
      • compliance advantages.

      However, careful consideration of service providers, confidentiality, and effective communication is essential to ensure a successful and productive outsourcing arrangement.

      HLB HAMT offers internal audit services in UAE with:

      • We provide management advise on how to create a safe and efficient internal control environment.
      • We highlight the risk and the applicable recommendation for operational and financial issues.
      • Aiding to match business goals with operational strategy and risk performance indicators.
      • Reviewing and analysing key structures, systems and practises that enable sound corporate governance.
      • Assisting management for developing and deploying efficient and focused business practices.

       

       

      Would you like to rate us on Google?         

       

      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      Giuseppe Assi
      Giuseppe Assi
      06:20 31 Jan 21
      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
      Mohamed Sheriff
      Mohamed Sheriff
      16:16 28 Jun 20
      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
      218141 JOSEPH THOMAS
      218141 JOSEPH THOMAS
      16:20 23 Jun 20
      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
      PMI
      PMI
      07:14 23 Jun 20
      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
      RAVI CHOKSI
      RAVI CHOKSI
      08:28 21 Jun 20
      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
      Maharajan Subramaniam
      Maharajan Subramaniam
      18:17 06 Jun 20
      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
      Mohammed L
      Mohammed L
      08:07 05 Jun 20
      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
      ROY ROSHAN VIVIAN
      ROY ROSHAN VIVIAN
      06:32 04 Jun 20
      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
      Basil Daniells
      Basil Daniells
      05:55 03 Jun 20
      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
      Amar Kashyap
      Amar Kashyap
      19:28 02 Jun 20
      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
      Radz de Jesus
      Radz de Jesus
      16:03 02 Jun 20
      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
      Next Reviews
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      Dubai Establishes New Inheritance Department for Non-Muslims

      HLB HAMT News Team

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 55 160 1291
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Schedule a Consultation







        The Dubai Courts have recently created a specialized department to handle inheritance cases for non-Muslim residents in the emirate. The department, which is the first of its kind in the UAE, aims to provide a clear and transparent framework for non-Muslims to manage their estates and ensure that their wishes are respected after their death.

        The department will be responsible for all aspects of non-Muslim inheritance matters, including the opening of inheritance files, the registration of wills, and the distribution of assets. It will also provide guidance and support to non-Muslims who are dealing with inheritance issues.

        How the Department Works?

        The non-Muslim inheritance department will operate on a single-session basis, meaning that it aims to reach a decision on all requests within one session. This is designed to speed up the process and make it more efficient for non-Muslims who are dealing with inheritance issues.

        To open an inheritance file, applicants will need to provide a set of documents, including:

        • A legal notice, inventory of inheritance, legal document, or official document specifying the heirs and their shares.
        • To prove the existence of a will, individuals can present an official document issued by the Dubai Courts or any other court within the UAE, except for the Dubai International Financial Centre courts.
        • A judicial ruling proving the death of the deceased and identifying the heirs if no will is available.

        If a request to open an inheritance file is based on a will not issue by the courts within the UAE, the implementation of Article 18 of Law No. 15 of 2017, which pertains to the management of non-Muslim inheritance matters and the execution of their wills, will be applied in Dubai. This means that a lawsuit for the execution of the will be registered, along with a certified copy of the applicable law for the will.

        Benefits of the New Department

        The establishment of the non-Muslim inheritance department offers several benefits for non-Muslim residents of Dubai, including:

        • A clear and transparent framework for managing estates.
        • Guidance and support from experienced professionals
        • The opportunity to have their wishes respected after their death.

        The department is also expected to boost confidence among non-Muslim investors in Dubai, as it provides greater certainty and clarity around the legal process for non-Muslim inheritance matters.

        Conclusion

        The establishment of the non-Muslim inheritance department is a significant step forward for the UAE in terms of its commitment to providing a fair and equitable legal system for all residents. It is also a reflection of the emirate’s growing diversity, as the number of non-Muslim residents in Dubai continues to increase.

         

         

         

        Would you like to rate us on Google?         

         

        Varun R Chandra
        Varun R Chandra
        07:38 25 Apr 21
        HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
        Giuseppe Assi
        Giuseppe Assi
        06:20 31 Jan 21
        I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
        Mohamed Sheriff
        Mohamed Sheriff
        16:16 28 Jun 20
        Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
        218141 JOSEPH THOMAS
        218141 JOSEPH THOMAS
        16:20 23 Jun 20
        Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
        PMI
        PMI
        07:14 23 Jun 20
        In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
        RAVI CHOKSI
        RAVI CHOKSI
        08:28 21 Jun 20
        Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
        Maharajan Subramaniam
        Maharajan Subramaniam
        18:17 06 Jun 20
        High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
        Mohammed L
        Mohammed L
        08:07 05 Jun 20
        We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
        ROY ROSHAN VIVIAN
        ROY ROSHAN VIVIAN
        06:32 04 Jun 20
        Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
        Basil Daniells
        Basil Daniells
        05:55 03 Jun 20
        I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
        Amar Kashyap
        Amar Kashyap
        19:28 02 Jun 20
        Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
        Radz de Jesus
        Radz de Jesus
        16:03 02 Jun 20
        We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
        Next Reviews
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        Monthly Tax insights and updates – June 2023

        July 13, 2023

        HLB HAMT - Accounting Firm in UAE

        Phone:- +971 4 327 7775
        WhatsApp:- +971 56 219 1607
        Email:- dubai@hlbhamt.com

          Schedule a Consultation







          Stay ahead of the game with exclusive Tax updates from around the globe, the ultimate resource for individuals and businesses seeking valuable and up-to-date information on tax laws, regulations, and strategies. Designed for tax professionals, entrepreneurs, and anyone looking to navigate the complex world of taxation. With HLB HAMT’s Monthly Tax Insights for June 2023, you can enhance your tax knowledge and open up new opportunities.

          Public Consultation Document Issued For UAE Corporate Tax

           

           

          Would you like to rate us on Google?         

           

          Varun R Chandra
          Varun R Chandra
          07:38 25 Apr 21
          HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
          Giuseppe Assi
          Giuseppe Assi
          06:20 31 Jan 21
          I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
          Mohamed Sheriff
          Mohamed Sheriff
          16:16 28 Jun 20
          Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
          218141 JOSEPH THOMAS
          218141 JOSEPH THOMAS
          16:20 23 Jun 20
          Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
          PMI
          PMI
          07:14 23 Jun 20
          In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
          RAVI CHOKSI
          RAVI CHOKSI
          08:28 21 Jun 20
          Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
          Maharajan Subramaniam
          Maharajan Subramaniam
          18:17 06 Jun 20
          High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
          Mohammed L
          Mohammed L
          08:07 05 Jun 20
          We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
          ROY ROSHAN VIVIAN
          ROY ROSHAN VIVIAN
          06:32 04 Jun 20
          Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
          Basil Daniells
          Basil Daniells
          05:55 03 Jun 20
          I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
          Amar Kashyap
          Amar Kashyap
          19:28 02 Jun 20
          Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
          Radz de Jesus
          Radz de Jesus
          16:03 02 Jun 20
          We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
          Next Reviews
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          Start the conversation

          The Role of Vendor Down Payment Services in Simplifying Transactions

          Vimal Kutty

          image

          HLB HAMT - Accounting Firm in UAE

          Phone:- +971 4 327 7775
          Mobile:- +971 56 147 0259
          WhatsApp:- +971 56 219 1607
          Email:- dubai@hlbhamt.com

            Schedule a Consultation







            Effective payment procedures are essential in today’s corporate environment for preserving positive supplier relationships and maintaining cash flow. Vendor down payment service is one such approach that has gained popularity. This service gives companies a way to speed up the payment process by providing a way to pay suppliers in advance or on a due basis. Vendor down payment services enable simpler transactions and strengthen relationships between buyers and suppliers by supplying a portion of the payment on time and ahead.

            Vendor Down Payment Services: An Overview

            Vendor down payment services simplify the payment process by streamlining the management of payments. Instead of relying on manual processes, businesses may utilize these services to initiate payment transactions effortlessly. Vendor down payment services minimize the need for separate workflows and lessen administrative effort.

            Benefits of Vendor Down Payment Services in UAE

            Businesses can benefit from using vendor down payment services in several ways.

            Enhanced relationships with suppliers

            Businesses who pay their vendors on time prove to them that they are reliable and dedicated, which leads to improved relations and preferential treatment.

            Time and cost saving procedure

            Vendor down payment services provide companies with a streamlined approach that lessens the need for human labor, enables them to cut costs, and speeds up the payment process.

            Negotiation Leverage

            Businesses can negotiate favorable conditions such economical pricing and extended credit terms, based on good faith and confidence. As an additional appreciation for the prompt payment, vendors may give discounts or early access to products and services.

            Reduced risks of Inhouse fraud

            Vendor down payment services lessen the risk of fraud and misappropriation of funds since it is handled by external third parties providing a consistent flow of services to support corporate operations.

            Security and Risk Considerations

            Security is a vital factor to consider when initiating payments to vendors. In today’s interconnected world, cybersecurity issues pose a significant threat, including the potential loss of bank credentials. With the involvement of a third party, many businesses can let go of their concerns about the safety and confidentiality of their data. By using cutting-edge technology and ISO-certified software that meets industry standards, you can be assured that your data is in safe hands. One of the other advantages of partnering with a third party is that no cost-incurred security solutions are provided without compromising on quality. Hence, protecting sensitive financial information is crucial to prevent financial loss, identity theft, and reputational damage.

            Preserved accuracy due to Multiple checking

            Vendor down payment services’ main goal is to make it easier for companies to deal with suppliers. These services also involve “the double-checking of client data,” which is crucial to payment accuracy assurance. The vendor service provider will review the documents associated with the payment request to make sure that payments are made to the right Invoice and appropriate supplier.

            Leverage Vendor Down Payment Services for Efficient Financial Management

            In the highly competitive environment of today, firms must implement effective financial practices to stay ahead. Vendor down payment services offer a feasible option for streamlining payments, controlling cash flow, and reducing risks. Businesses can enhance their supplier relationships, streamline their procurement processes, and gain a competitive edge by investigating and utilizing these services.

            Bottom Line

            A business operation’s lifeline is an effective payment system. Supply chain interruptions, strained business relationships with suppliers, and even lost development opportunities can result from slow or burdensome payment processes.

            Establishing lasting relationships, guaranteeing the availability of goods and services, and sustaining efficient operations all depend on prompt and easy payments. Vendor down payment services provide a remedy that boosts productivity, promotes cash flow management, and helps companies to swiftly fulfill their financial responsibilities.

            HLB HAMT to Assist!

            A reputable provider of financial services, HLB HAMT is committed to assisting companies reach their financial objectives. HLB HAMT plays a vital role in upholding strict data protection measures, thereby reducing the chance that hackers will access important information. At every stage of the process, HLB HAMT provides qualified guidance and support in its capacity as an inspector of financial operations.

            For any accounts-related queries or assistance, reach out to dubai@hlbhamt.com or call +971 4 327 7775

            Schedule a consultation with HLB HAMT’s experts!

             

             

            Would you like to rate us on Google?         

             

            Varun R Chandra
            Varun R Chandra
            07:38 25 Apr 21
            HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
            Giuseppe Assi
            Giuseppe Assi
            06:20 31 Jan 21
            I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
            Mohamed Sheriff
            Mohamed Sheriff
            16:16 28 Jun 20
            Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
            218141 JOSEPH THOMAS
            218141 JOSEPH THOMAS
            16:20 23 Jun 20
            Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
            PMI
            PMI
            07:14 23 Jun 20
            In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
            RAVI CHOKSI
            RAVI CHOKSI
            08:28 21 Jun 20
            Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
            Maharajan Subramaniam
            Maharajan Subramaniam
            18:17 06 Jun 20
            High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
            Mohammed L
            Mohammed L
            08:07 05 Jun 20
            We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
            ROY ROSHAN VIVIAN
            ROY ROSHAN VIVIAN
            06:32 04 Jun 20
            Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
            Basil Daniells
            Basil Daniells
            05:55 03 Jun 20
            I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
            Amar Kashyap
            Amar Kashyap
            19:28 02 Jun 20
            Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
            Radz de Jesus
            Radz de Jesus
            16:03 02 Jun 20
            We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
            Next Reviews
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            How Can Intelligent Automation Aid Tax Operations and Functions?

            Midhun Menon P

            image

            HLB HAMT - Accounting Firm in UAE

            Phone:- +971 4 327 7775
            Mobile:- +971 52 830 7998
            WhatsApp:- +971 56 219 1607
            Email:- dubai@hlbhamt.com

              Schedule a Consultation







              Tax operations are expected to make better use of scarce resources to generate value and enhance business insights for better decision-making, all while cutting costs and meeting the demands of an ever-increasing compliance and reporting load. Tax departments are increasingly relying on technology, particularly intelligent automation, to help them do their jobs.

              We can look at how intelligent automation is becoming the industry standard and how it is assisting tax and tax function departments in providing more value and weathering the current upheaval. The question is no longer “if,” but “where,” “how,” and “when” it can be implemented.

              Before we get into how intelligent automation can help tax operations and functions, let’s take a look at the various types of automation that businesses are using these days.

              1. Routine Task Automation

                This category of systems (including robotic process automation tools), also known as “bots,” digitalize mundane, repetitive tasks and significantly increase productivity. The term “robotic process automation” (RPA) refers to a software “robot” that mimics human behavior when interacting with a computer. Following the completion of the necessary settings, the software robot may handle routine, rule-based tasks, freeing up tax experts for higher-value work. Three of the most promising areas for robotic process automation are data collection, data entry, and data reconciliation. However, these applications are only the tip of the iceberg in terms of what RPA can do.

              2. Automation of Advanced Processes

                This class of systems employs NLP and machine learning to handle complex transactions involving both structured and unstructured data.

              3. Intelligent Automation

                Because they mimic human abilities such as perception, evidence gathering, and decision-making, cognitive automation systems are the most talked-about and potentially useful type of AI. Rather than being classically coded, these systems are trained to work in specific knowledge domains, such as a set of tax laws. The strength of cognitive computing is its ability to process large datasets to conclude. We simply do not have the capacity in our brains to process and assimilate this much information.

              Intelligent Tax Automation 

              Intelligent automation is achieved by rethinking and improving processes, expanding the capacities of underlying data systems, and testing out new technological approaches. When we talk about intelligent automation in tax, we look at processes through an automation lens to see where human intervention can be reduced without sacrificing efficiency or output quality.

              There are numerous technologies available today that could facilitate intelligent automation and benefit the tax department. Some of the most popular ITA technologies now being deployed in the market as part of tax function transformation are robotic process automation (RPA), extract, transform, and load (ETL) tools, and data analytics tools.

              In this context, technology is critical in facilitating the delivery of process improvements and efficiencies, but it is far from the only factor. It is critical to begin discussions about ITA by focusing on its objectives: what are the organization’s basic requirements and needs? Once a plan of action has been determined, the focus can shift to the technologies that will carry it out.

              How RPA can help you save time?

              RPA can automate the majority of the steps in filing an indirect tax return. The tax robot is intended to access and combine data from a wide range of source applications (ERPs, consolidation systems, SharePoint sites, and so on) with other inputs (excel templates, emails, tax authorities’ websites, and so on) before generating the necessary tax reports for inspection by tax professionals. Another example is the time and effort expended by multinational corporations with complex group structures on tax provision and return-to-provision operations as part of the group tax reporting process. Robotic process automation (RPA) can be a lifesaver, assisting in the collection of data in the appropriate format from critical systems, followed by the execution of the prescribed checks and reconciliations and the identification of any discrepancies. There are safeguards in place to ensure the integrity of the collected detection of data in the appropriate format from critical systems, followed by the execution of the prescribed checks and reconciliations and the identification of any discrepancies. There are safeguards in place to ensure the integrity of the collected data. Now that tax return computation and other reports are handled automatically rather than manually, more time is available for inspection and study. It is especially important during critical reporting cycles to have an automated solution that can help reduce contractor reliance, increase process transparency, and tighten quality control.

              Data analytics is a critical tool for Intelligent Automation

              Several businesses struggle with even the most basic analytics reporting capabilities, even though many businesses are working to integrate more advanced analytics into their core operations. So, how can tax authorities leverage data analytics? Before delving into more advanced topics in data analytics, it’s best to get your foot in the door by mastering the fundamentals on your own. When tax professionals have mastered the fundamentals, they can progress to more complex analytics, allowing for more precise and up-to-date reporting. Improved data integration can help with data availability.

              A fresh start for Data Integration 

              Too much data in too many silos is a common problem for corporations, and it is frequently caused by the use of multiple enterprise resource planning (ERP)  systems. The amount of time tax professionals spend gathering, cleansing, and visualizing data grows in direct proportion to the number of ERPs in use. Most data collection, cleaning, and visualization tasks are still done manually, which means tax departments are missing out on the efficiency gains that automation provides. If there are different spreadsheets for each step, which indicates that there are multiple data source points, there is the potential for process standardization. The use of intelligent automation to facilitate data gathering and purification processes can improve resource availability in the tax function. Data integration automation can shorten reporting timelines and increase transparency for traceability.

              Education in Tax Technology 

              To adapt and change tax operations for the future, traditional tax and finance expertise, as well as data and technology expertise, is required. Intelligent tax automation is a top priority for businesses that offer both in-house and external tax technology training programs. Tax professionals can learn about intelligent automation technologies and, more importantly, consider and eventually apply them in their work to improve efficiency and risk management if they take advantage of the available resources.

              For more inquiries contact our experts today!

               

               

              Would you like to rate us on Google?         

               

              Varun R Chandra
              Varun R Chandra
              07:38 25 Apr 21
              HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
              Giuseppe Assi
              Giuseppe Assi
              06:20 31 Jan 21
              I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
              Mohamed Sheriff
              Mohamed Sheriff
              16:16 28 Jun 20
              Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
              218141 JOSEPH THOMAS
              218141 JOSEPH THOMAS
              16:20 23 Jun 20
              Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
              PMI
              PMI
              07:14 23 Jun 20
              In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
              RAVI CHOKSI
              RAVI CHOKSI
              08:28 21 Jun 20
              Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
              Maharajan Subramaniam
              Maharajan Subramaniam
              18:17 06 Jun 20
              High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
              Mohammed L
              Mohammed L
              08:07 05 Jun 20
              We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
              ROY ROSHAN VIVIAN
              ROY ROSHAN VIVIAN
              06:32 04 Jun 20
              Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
              Basil Daniells
              Basil Daniells
              05:55 03 Jun 20
              I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
              Amar Kashyap
              Amar Kashyap
              19:28 02 Jun 20
              Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
              Radz de Jesus
              Radz de Jesus
              16:03 02 Jun 20
              We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
              Next Reviews
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              Enterprise Risks in Chat GPT

              Vimal Ramachandran

              image

              HLB HAMT - Accounting Firm in UAE

              Phone:- +971 4 327 7775
              Mobile:- +971 52 830 7998
              WhatsApp:- +971 56 219 1607
              Email:- dubai@hlbhamt.com

                Schedule a Consultation







                Generative AI (GenAI) has introduced new enterprise risks that must be properly evaluated in a business context. These risks include technological or procedural expansions of current hazards, legal and regulatory risks, and wholly new dangers. A reference table is provided as guidelines for organizations to assess these risks.

                Enterprises can reduce the negative impact of GenAI usage by opting out of having user prompt data used to train future models, accepting a data retention policy of 30 days, declaring a Risk Exception, or investigating an on-premises option.

                The authors seek to address data exposure issues related to GenAI and ChatGPT by using large language models (LLMs) to make user input and private data available to rivals. GenAI technologies may use user input for model development, but OpenAI’s stance on this is against it due to potential dangers and issues with biased models.

                High Risks

                A. Data Privacy and Confidentiality

                Private information and non-public enterprise The application of GenAI in the enterprise may result in the access and processing of sensitive information, intellectual property, source code, trade secrets, and other proprietary information. data, either direct user input or the API, including customer or private information and confidential information. This has previously been noted as a problem here.

                • Sending secret and private information outside of an organization’s network can lead to legal and compliance issues, as well as risks of information exposure, under CCPA, GDPR, and HIPAA.
                • GenAI technologies such as ChatGPT have been handed over to OpenAI, but the third-party SaaS is not yet integrated. This means that users will not be able to view data in real time, and future models may not use user input.
                • Corporate documentation states that OpenAI’s API is not maintained for more than 30 days and is opt-out by default, while ChatGPT is opt-in by default and charged a fee. However, provided information is vulnerable to storage and processing risks.

                B. Enterprise, SaaS, and Third-party Security

                 Non-public enterprise data, third- and fourth-party software

                CISOs are concerned that data exchange with third parties will increase due to the widespread use of GenAI and integrations in third-party apps, leading to less predictable patterns.

                • Risks in the supply chain can be divided into three categories: relying on third-party security, relying on GenAI technologies, and relying on third-party quality assurance.
                • GenAI platforms may expose sensitive data such as customer data, financial information, and proprietary business information if their systems and infrastructure are not secure.
                • GenAI and ChatGPT are being integrated into third-party platforms such as Microsoft Azure OpenAPI and Office 365, creating a potential risk.
                • GenAI platforms are a high-value target for threat actors due to their limited number and increasing use.

                C. AI Behavioral Vulnerabilities 

                 Model operator, non-public enterprise data

                 Actors may use or cause models to be used in ways that reveal sensitive information about the model or cause the model to be damaged. do acts that are contrary to the design’s aims.

                • Attackers can use GenAI systems to circumvent AI behavior and make it execute unexpected tasks, which can have a negative influence on organizations and stakeholders.
                • Third-party applications with GenAI APIs can allow attackers to access user data, potentially allowing them to take actions on behalf of the user.
                • Injection attacks can be used to gain unauthorized access to business systems.

                D. Legal and Regulatory

                •  Regulatory Consideration: GenAI must be used following data privacy rules, such as GDPR, PIPEDA, and CCPA. Italy’s data protection regulator has temporarily prohibited the use of ChatGPT, and Germany is reviewing the issue.
                • Legal Consideration: GenAI used in consumer-facing communications can be regulated, resulting in legal or regulatory consequences. ChatGPT and chatbot services must be disclosed to clients to avoid potential legal action.

                Medium Risks

                 Threat Actor Evolution

                 A. Enterprise readiness, third parties

                Threat actors use GenAI for malevolent objectives, such as phishing attacks and social engineering. To address this, security awareness training and other social engineering measures must be re-evaluated, and controls must be mitigated.

                B. Organization’s legal exposure

                 GenAI models are trained on a wide range of data, including an unknown amount of copyrighted and private content, causing ownership and licensing concerns between the organization and third parties.

                • GenAI models have been accused of utilizing material generated by others, which could lead to intellectual property violations and plagiarism, as the same material can be provided to multiple parties.
                • GenAI models may inadvertently infringe on copyrighted material without authorization from dataset owners.
                • The US Copyright Office has recommended denying copyright protection for GenAI works, allowing them to be freely used and copied.
                • GenAI may return code with proprietary content, such as GPL 3, which could be legally binding for organizations to distribute. It is important to consult with an attorney if any infractions occur.
                • Policies should be based on current intellectual property concepts.

                C. Insecure Code Generation

                • Software development projects and developers GenAI-generated code can be used without sufficient security audit or review, leading to the deployment of insecure programs in different systems and as “ground truth” for future model learning.
                • Organization’s brand and reputation GenAI’s output can be delivered with significant reputational risks, including erroneous, damaging, biased, or humiliating content, as well as safety concerns such as doxxing or hate speech.
                  • The current generation of GenAI models has been seen to provide erroneous, inaccurate, incorrect, and deceptive data.
                  • Using AI outputs without validation can lead to inaccurate assertions and facts, which can result in legal consequences such as libel.

                Low Risks

                A. Software Security Vulnerabilities

                Non-public enterprise data and system integrity

                • GenAI apps must be updated and secured with proper controls against traditional software vulnerabilities and their interaction with developing AI vulnerabilities.
                • GenAI systems are vulnerable to software vulnerabilities and AI flaws, increasing the risk.
                • Attackers can exploit flaws in front-end models to manipulate back-end models, triggering SQL injections when appended to model output.

                B. Availability, Performance, and Costs

                • Enterprise systems’ Resilience

                  GenAI and OpenAI can present operational risks such as system downtime, performance, and failure. User mistakes must be included in threat modeling and architectural planning, and backup and disaster recovery methods are required. Operating an LLM can be costly, with each response costing “single digit cents” according to OpenAI.

                • Regulatory Compliance

                  AI is gaining traction due to ethical standards for safety, security, fairness, transparency, explain ability, and general responsibility. Legal and regulatory structures are already incorporating these principles, so it is important to screen for potential impacts and consider mitigation measures. CISOs can also influence rules and educate authorities. ESG issues should also be evaluated.

                Get in touch with our digital transformation service consultants to know more about enterprise risks in Chat GPT!

                 

                 

                 

                Would you like to rate us on Google?         

                 

                Varun R Chandra
                Varun R Chandra
                07:38 25 Apr 21
                HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                Giuseppe Assi
                Giuseppe Assi
                06:20 31 Jan 21
                I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                Mohamed Sheriff
                Mohamed Sheriff
                16:16 28 Jun 20
                Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                218141 JOSEPH THOMAS
                218141 JOSEPH THOMAS
                16:20 23 Jun 20
                Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                PMI
                PMI
                07:14 23 Jun 20
                In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                RAVI CHOKSI
                RAVI CHOKSI
                08:28 21 Jun 20
                Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                Maharajan Subramaniam
                Maharajan Subramaniam
                18:17 06 Jun 20
                High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                Mohammed L
                Mohammed L
                08:07 05 Jun 20
                We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                ROY ROSHAN VIVIAN
                ROY ROSHAN VIVIAN
                06:32 04 Jun 20
                Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                Basil Daniells
                Basil Daniells
                05:55 03 Jun 20
                I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                Amar Kashyap
                Amar Kashyap
                19:28 02 Jun 20
                Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                Radz de Jesus
                Radz de Jesus
                16:03 02 Jun 20
                We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                Next Reviews
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