Guide
Glossary
Generative AI
Generative AI is artificial intelligence that creates new content, such as text, images, audio or code, in response to an instruction called a prompt. It learns patterns from large amounts of existing material and produces output that fits those patterns. Earlier business AI mostly classified or predicted things, such as flagging an unusual transaction; generative AI writes the email, summary or first draft. ChatGPT, Claude, Gemini and Microsoft Copilot are all generative AI tools. Its output reads confidently whether or not it is right, so professional firms treat it as a first draft that a qualified person checks before anything reaches a client, regulator or court.
Also called GenAI, Gen AI
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Example
In an advisory firm
A consultant at a 20-person advisory firm uses generative AI to turn workshop notes into a first-draft board paper with a clear structure and readable prose. The engagement partner still checks every figure and recommendation against the client's data, because the model can fill gaps with statements that sound plausible but have no support in the notes.
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