By Janelle Lewis, Attorney, Business Strategist

A few months ago, the state of AI in Australia could be described with these two quotes from:

“AI systems are rapidly becoming essential to creating value across all sectors, but existing governance systems are not managing the commercial, regulatory and reputational risks that AI systems pose. Directors and senior executives are putting their organisations – and the broader community – at risk.” By Professor Nicholas Davis, Human Technology Institute at the University of Technology Sydney and;

“AI systems can cause real harm to people, both to individuals and society more broadly. Threats to safety, discrimination, loss of personal information, and manipulation need to be addressed by organizations using AI systems to ensure our lives are improved by this innovation. While reform is undoubtedly needed, AI systems are not operating in a ‘regulatory Wild West’. AI systems are subject to privacy, consumer protection, anti-discrimination, negligence, cyber security, and work, health and safety obligations, as well as industry-specific laws.” By Lauren Solomon of Human Technology Institute at the University of Technology Sydney.

What does this all mean for AI in Australia?

As AI systems are quickly becoming indispensable in all sectors, according to “What is the state of corporate governance in AI today in Australia?’ the current governance systems fail to address the risks associated with these systems poses a threat not only to organizations but also to the wider community.

In this capacity, Professor Nicholas Davis from the Human Technology Institute at the University of Technology Sydney emphasizes the need for better management of commercial, regulatory, and reputational risks. On the other hand, according to Lauren Solomon, also from the Human Technology Institute, AI systems also have the potential to cause harm to individuals and society as a whole. The issues that organizations utilizing AI systems must address include safety, discrimination, privacy breaches, and manipulation to ensure that the benefits of AI innovation are realized.

It is therefore essential to establish appropriate regulations and control mechanisms to oversee the use of AI and mitigate potential risks. Additionally, an ethical dialogue regarding the use of AI and its consequences should be encouraged to promote responsible and beneficial utilization of this emerging technology. Ultimately, the successful integration of AI into Australian society will depend on their ability to tackle these challenges and fully harness the potential of this technological revolution.

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