University professors, representatives of organisations and business CEOs discussed prevention and the need to identify warning signs early enough to avert future risks for companies at the annual conference of the Institute of Internal Auditors Greece (IIA Greece).
In his remarks, Giorgos Pitsilis, Governor of the Independent Authority for Public Revenue (AADE), cited the My Data system as an example in the context of audit testing, noting that the way things had been managed until then would not be sustainable in the long term and that a change of model was needed.
He stressed, however, that making the transition would require a proposal outside the usual processes, aimed at creating an effective preventive model. As he explained, My Data has been operating preventively in Greece for some time, while countries such as France are only now making the transition to electronic invoicing. For Mr Pitsilis, what mattered in this change was how businesses received the reform. He acknowledged that this had been easy, although dialogue was needed beforehand.
For Thanos Papadimitriou, Professor and President of Pharos AI Factory, the first Greek artificial intelligence factory, which connects universities and businesses with AI and focuses on key areas such as education, the environment and health, the oversight of artificial intelligence is a concern across all sectors, with the aim of ensuring its smooth operation and accelerating processes.
He added that, in this context, there was a pressing need to make use of the information generated by artificial intelligence and to take responsibility for the decisions made through it.
On the same theme, Natassa Stamou, Second Vice-Chair of the Hellenic Capital Market Commission and Chair of the Auxiliary Fund for the Assurance of Investment Services, said that warning signs that should not be ignored are those linked to the risk management measures a company has already put in place.
For Ms Stamou, this is a strong warning that something is not being done properly. She also noted that artificial intelligence and cyber security issues have already emerged as potential risks in businesses’ day-to-day operations, stressing the need to address the fear surrounding them.
Maria Psyllaki, Professor at the University of Piraeus and Chair of the Audit Committee of Public Power Corporation (PPC) S.A., said the hardest part of the process was turning a warning signal into a diagnosis and action. In PPC’s case, she noted, the challenges involved in changing the model were numerous, including geopolitical developments and AI, which underscored the need for resilience and security.
All this made clear that the existing model had to change and that the relevant adjustments would be made by the organisation itself. In this context, the greatest challenge was persuading the organisation to change, with strategic direction grounded in data, leadership that took responsibility and strong corporate governance.
Dimitris Mazarakis, CEO of National Insurance, said we now live in an environment where everything is changing at tremendous speed, everything is extremely complex and risk assessment models are being tested. He voiced concerns about technological advances, noting that their scale means they are often very difficult to understand and control.
He also raised the issue of climate change, stressing that although measures are being taken to tackle and prevent it, preparedness still falls short. He also referred to the demographic crisis, which, he said, would have a major impact on the country’s economy, including pensions and healthcare systems, as citizens would need adequate pension provision to support them through a long and dignified life.
The discussion was moderated by Sofia Asmatoglou, Head of the Financial Crime Compliance Directorate (Combating Financial Crime) and Group MLRO at National Bank.