When Jozelle Opoku, president and chief executive of the Chartered Professional Accountants of Bermuda, asked at the organisation’s annual meeting for a show of hands on artificial intelligence usage in the workplace, half the room indicated they were already using it.

Those who were not expressed concerns about accuracy, reliability, bias and lack of a clear corporate policy surrounding it.

But Ms Opoku emphasised that regulation must be grounded in purpose: “Yes, we have global standards that we need to meet, but it’s not a tick-box exercise.”

After the meeting, a panel discussion, “Global Pressures, Local Precision: Navigating Bermuda’s Financial Future in a Shifting World”, turned to Bermuda’s fast-changing regulatory landscape, where technology was top of mind.

Christal Hanna, director of the Financial Intelligence Agency, cautioned: “AI cannot get to that point where they're making decisions that the human expertise should have to make. So I think we definitely have to find the right balance.”

Louisa Lewis-Ward, managing director of the Corporate Income Tax Agency, warned that flawed algorithms could create “a human rights problem” if misused.

Moderator Crystal Clay, founder and facilitator of Olive Branch Consulting, summed up: “There’s artificial intelligence, but there’s also decision-making intelligence, and that is where the workforce comes in.”

Other panellists echoed the theme. Shonette Harrison, senior manager, energy, Regulatory Authority, highlighted how standards drive reliable service in the energy sector. “Between 2020 and 2024, the RA saved consumers upward of $90 million. You can imagine, if regulation didn’t exist, what it would be like today, right? And to the extent that people are not aware that we're doing anything, because that's normally the public view.”

“So how do we get that word out? By collaborating with our service providers. The discussions are tough, but at the end of the day, they want balance and predictable regulations. We have an active communications department that is out in the public, trying to make our reports digestible. We’ve seen an uptake in responses from local, average people who normally find these reports too technical. Normally, they’re filled with engineering jargon and financial language, but we’ve seen where the average person is now responding to our consultations … When regulation is done right, it’s not just a burden. It’s actually the foundation for innovation and sustainability.

Financials

With technology and governance at the forefront of the discussion, CPA Bermuda also pointed to its own balance sheet, outlining how it is funding future investments.

CPA Bermuda reported a planned deficit of $278,000 for the 2024-25 fiscal year, as the organisation accelerated investment in technology, staffing and compliance.

Total assets rose to $1.75 million, up from $1.03 million the previous year, backed by strong cash reserves of $956,000 and capitalised system and office investments of $402,000. Net assets declined to $656,000, down from $934,000, as resources were deployed to fund what the association called “strategic initiatives”.

In its annual report, CPA Bermuda stated: “CPA Bermuda operations in fiscal 2024-25 resulted in a deficit of $275K, compared to a deficit of $264K in the prior year. This represents an increase of $11K over the prioryear deficit, in line with the planned use of resources for strategic initiatives.”

Operating revenues climbed to $1.36 million from $1.17 million in 2024, driven by higher membership fees and stable admission fees of $146,000. However, expenses jumped nearly 20 per cent to $1.6 million, up from $1.33 million. Salaries and benefits accounted for $854,000, reflecting the full cost of an expanded five-person core team. Legal fees surged to $88,000 from $29,000 as the organisation invested in compliance and reform work, while communications costs doubled to $118,000.

Membership grew 15 per cent to 2,218 from 1,929, with 588 Bermudians and 1,545 non-Bermudians. But student membership declined sharply, from 120 in 2024 to 85 this year.

Kim Trott, board member, told her fellow members at the AGM yesterday at the Hamilton Princess & Beach Club that she was “pleased to inform you that CPA Bermuda has maintained a robust financial position over the past year. We have continued to invest in our strategic initiatives for the long-term benefit of CPA Bermuda without compromising our financial health and operational needs.”