AI White Paper finds careful implementation and monitoring key to success
Governance Institute releases advice on AI Governance and the Voluntary Safety Standard
In a strong message to businesses, a new White Paper released by Governance Institute in collaboration with the National Artificial Intelligence Centre (NAIC) has expressed the critical need for careful implementation and monitoring of AI technologies.
Titled AI Governance: Leadership Insights and the Voluntary AI Safety Standard in Practice, the white paper aims to guide Australian businesses in harnessing the transformative potential of artificial intelligence (AI) while adhering to ethical and safety standards.
Governance Institute’s CEO, Megan Motto FGIA FCG, emphasised the importance of understanding and adopting AI to remain competitive.
“Australia is the number one most nervous country in the world about AI but, in what I hope will be a great surprise to you, we are also the most curious,” she said.
“Through this report, leaders will gain valuable insights and practical strategies to harness the power of AI, ensuring their organisations remain at the forefront of innovation,” she added.
The White Paper responds to the Federal Government’s recently released Voluntary AI Safety Standard, urging businesses to mitigate AI system biases and enhance their understanding of copyright law. It aligns the ten voluntary guardrails promoting safe, responsible and transparent AI with best-practice governance guidance from industry experts.
Sponsored by Clayton Utz, Diligent, and PKF, the report reveals that Australian businesses are not fully capitalising on AI, with confidence and adoption rates lagging comparable countries. Ethical challenges are identified as significant barriers, leading to missed opportunities for innovation and efficiency.
Stela Solar, Director of the NAIC, highlighted the critical role of senior business leaders in adopting safe and responsible AI practices.
“The speed and scale of AI development and deployment require directors to lean in, learn, and lead their organisations towards the potential of AI while mitigating new and emerging risks,” she stated.
Key expert tips include continuously improving AI systems to reduce biases and ensure fair outcomes for all users, seeking advice from regulators on copyright and deepfakes, including legal, ethical, and commercial considerations in AI procurement and contracts, leveraging AI for better digital asset security, and prioritising robust privacy and backup systems during AI implementation.
The report advocates for a balanced approach to AI, highlighting sound ethical principles.
“Good governance is essential to ensure that AI technologies are developed and used in ways that are transparent, fair and aligned with societal values,” Megan added.
The collaboration between Governance Institute of Australia and NAIC underscores a commitment to advancing AI responsibly, upholding the highest standards of integrity and accountability.
Download the White Paper here: https://bit.ly/3ZmIaMW