APRA is set to meet Westpac next month to get a better understanding of its AI use and risk mitigation.
The lack of a policy framework is making some companies nervous to invest. The Stanford University AI Index showswas $US300 million, compared with $US24 billion in the US and $US1.9 billion in the UK.
As use cases expand, Ms Chung is spending more time with the Westpac board, chaired by John McFarlane, and senior executive teams. “It is an area of great focus,” she says. CEDA found 95 per cent of businesspeople don’t know about this framework. The former government’s Digital Technology Taskforce explored views on automated decision-making via a discussion paper earlier this year but never reported.
Last year, Westpac formed a working group after “we started to see the explosion of responsible AI in a regulatory space globally”, Ms Chung said. It found the bank was largely compliant with principles set out by the Australia Human Rights Commission in a report last year.
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