Using ChatGPT to Help Craft Financial Policies

If you’re like me, understanding artificial intelligence (AI) and how to use ChatGPT can be overwhelming, but since I’ve started experimenting it’s become easy to see the benefits.

I’ve not met too many people who enjoy (or have time for) crafting financial policies, but ChatGPT can get you started creating or updating your internal financial policies quickly and efficiently. By using prompt engineering, you can guide the AI model's responses to provide suggested policies.

To get started updating or creating your policies with ChatGPT, follow these steps:

1. Use the right format — Craft input prompts in specific ways to guide the AI model's responses. For example, “Can you recommend a credit card policy for a nonprofit?” or “Write me a cash access policy.” If you have a current policy, copy the entire policy into ChatGPT and say, “Give me recommended changes to this policy.”

2. Refine the response — Once you receive a draft policy, don't be afraid to ask for tweaks or changes. You can say things like “Shorten this policy,” “Give me another option,” or “Rewrite this policy.”

3. Use the source links and templates often provided to help modify or improve your policies. It’s important to check these for accuracy and verify the suggestions make sense in your nonprofit.

Remember that ChatGPT is not a search engine. Be descriptive and adjust your questions for the desired outcome. With practice, using ChatGPT to create or update internal policies may save a significant amount of time and provide suggested policies that include many leading practices.

How we can help

If your nonprofit needs an update to your financial policies, CLA has the broad experience to help strengthen and guide your organization. Additionally, our digital services team can help you find tailored digital solutions with modernized systems and processes adapted for your industry.