Generative AI Under Scrutiny: Assessing the Risks and Challenges in Diverse Domains

Among the rapidly emerging Artificial Intelligence (AI) technologies, Generative AI (GenAI) models have become powerful tools reshaping the technology landscape. The term GenAI refers to a shift in the usage of AI technology from pattern recognition—identifying hidden patterns—to creating free-form text, images, and videos. This paper intends to provide a comprehensive review of GenAI applications in various human-centric applications, technology and innovation, creative industries, finance, and accounting. However, the proliferation of GenAI introduces risks and challenges, including ethics, privacy, and security. By elucidating GenAI’s advantages and disadvantages, envisioning future directions, and proposing measures, this study contributes to the ongoing dialogue on harnessing GenAI’s capabilities to mitigate risks. Moreover, this paper delves into the multifaceted role and challenges faced by these GenAI technologies in various domains. By balancing innovation with ethical considerations, we can steer towards a future where GenAI enriches lives, stimulates creativity, and empowers individuals and communities worldwide.