Artificial intelligence (AI) is one of the most talked about technological developments in professional services, but what does it mean for the restructuring, turnaround and insolvency profession?
R3 and technology company Alph4 are pleased to publish a new report, The impact of AI and automation in restructuring, turnaround and insolvency practice.
The report explores how these technologies are currently being used across the profession and examines the opportunities, challenges and risks they present for the future.
Drawing on a survey of R3 members and interviews with practitioners, legal professionals, software providers and technology specialists, the report explores:
• Where AI is already being used in practice
• Areas of insolvency work most likely to benefit from automation
• Lessons from the legal sector’s experience of adopting AI
• The skills practitioners will need in the years ahead
• Concerns around data security, regulation, professional indemnity insurance, skills and training
• The role regulators, insurers and firms can play in supporting responsible adoption.
The findings suggest that the firms best placed to benefit will be those that invest in technology literacy, establish clear governance frameworks and use AI to enhance professional judgement rather than replace it.
This report provides a snapshot of AI adoption today, but the technology continues to evolve rapidly. If you would like to be part of the continuing conversation on AI developments in the profession, please contact Lucy Franks, Head of Technical, Training and External Affairs at R3.