VRG’s Peter Ott Contributes to CBV Institute’s AI Report
New York, NY (July 24, 2024) – Valuation Research Global (VRG), a full-service, globally connected group that focuses on valuations and other value-related services, announced today that VRG-Canada member Peter Ott contributed to the Chartered Business Valuators Institute’s report on artificial intelligence. The report, “Primer on Artificial Intelligence: Essential Considerations for CBVs on the Responsible Use of AI,” covers the use of AI systems that are well-established in financial and litigation services as well as the newer generative AI applications.
The report looks at what valuation professionals can do with AI tools like ChatGPT, Copilot, Gemini and others, and it reviews the code of ethics they must follow if they choose to use AI in their work.
“Though AI promises to save practitioners time by automating mundane valuation tasks, there are risks that need to be considered when incorporating AI into our workflow,” said Ott, President of Peter Ott & Associates and a member of CBV Institute’s AI & Technology Working Group. “We hope this report can serve as a resource for valuation professionals that plan to use AI in the future.”
The report offers guidance to CBVs on considerations for AI use. These considerations include accountability and competence (i.e., CBVs are responsible for the work they produce, even when it’s done by AI), and the accuracy of AI outputs and bias of AI systems. They also include transparency and explainability, or the extent to which an AI system’s workings, and the logic behind its outputs, can be understood. CBVs must also consider legal and regulatory risks such as data and privacy protection, cybersecurity, and intellectual property.
“AI, when used properly, can be a benefit to the valuation profession but there are clearly pitfalls as well,” said PJ Patel, head of global valuation services for VRG. “I am proud that our colleague Peter stepped up to take a leading part in this important discussion.”
The full primer can be found here.
About VRG
Valuation Research Global (VRG) is a globally connected group that delivers valuation, value-related, and advisory services to multinational firms engaging in cross-border transactions. Formed in 1995, its global network has been providing quality valuations and value-related services for the U.S. and international business communities. Among its member firms, it has nearly 1,500 professionals and an established reputation for providing expert and independent opinions of value for business enterprises, intangible assets, real estate, and personal property. Collectively, VRG professionals have served clients in more than 100 countries.
VRG’s international offices span five continents with over 50 office locations across North, South and Central America, Europe, Asia, and Australia.
