IACBE Conference in Cayman explores the opportunities and challenges of AI

The 2024 International Accreditation Council for Business Education (IACBE) conference, which took place on 21-22 November, focused on 'AI – The Next Generation: Fusion of Business and Technology'. Over 150 participants, including students, educators, global experts and business leaders, came together to explore how artificial intelligence is reshaping business and the workplace.

Ingrid Pierce, Global Managing Partner at Walkers, commented: "It’s wonderful to have strengthened our partnership with UCCI through events like this in the Cayman Islands. As digital capabilities and knowledge of emerging technologies like artificial intelligence become vital for understanding the future of work, we remain committed to helping UCCI align business education and tomorrow’s talent with industry needs."  

Efe Avan-Nomayo from our Regulatory team joined the Women in Technology panel to discuss how we can harness technological innovation whilst managing risks responsibly. During her breakout session, she explored practical ways businesses can tackle key challenges like ethical considerations, data protection and AI bias.  

The conference concluded with an insightful roundtable discussion at Walkers' Cayman offices that brought together business educators, accreditation bodies and senior business leaders. Fiona MacAdam, partner in Walkers’ Insolvency & Dispute Resolution team, shared her perspective on AI's impact across legal and financial services in the Cayman Islands and beyond. She also showcased how the firm’s long-standing articled clerk training programmes help retain talented Caymanian youth while providing real-world experience.  

Key takeaways: 

• While AI brings exciting opportunities for innovation, organisations must carefully consider ethical implications, data protection and potential risks.  
• Businesses must take a proactive approach to identify and manage these risks, ensuring responsible AI implementation.  
• Success requires close partnership between educators, industry leaders and policymakers to align technological advances with workforce development.  

Steve McIntosh, CEO of Cayman Finance, spoke at the conference about how workforce planning and investing in technology helps maintain Cayman's position as a leading international financial centre. His insights highlighted how the government and private sector must work together to build a resilient, innovative economy.  

Walkers is committed to driving dialogue and innovation in the Cayman Islands through the firm’s support of initiatives that connect education, technology and industry.