In an interview, Leigh Miller, EY’s global valuation leader, was asked whether a link needs to be made between business valuation standards and the emergence of automation in valuation. “This is something I’ve been thinking about for some time,” says Miller. “I believe there needs to be a professional standard around the obligations of someone using automation, artificial intelligence, or robotic software tools as part of the valuation process. What is his or her obligation to understand what has been done and not to overrely on something that is, in essence, a black box? How do we ensure that accountability isn’t just shifted over to the software or the algorithm? I believe we need professional standards that help us manage the impending growth in new technology and data.”

Miller was interviewed by the International Valuation Standards Council (IVSC) and also talked about his current areas of focus and thoughts on the major challenges and opportunities facing the valuation sector.