AI is revolutionising the way we live and work, and it’s becoming increasingly pressing for individuals and organisations to understand it’s potential impact.
As AI solutions rapidly develop and new applications become available for industry, a strong structure and framework for its application is needed to de-risk AI adoption.
The AIIA and KPMG have identified what organisations need to do to ensure AI is developed, used and procured in a way that meets future regulatory and ethical expectations.
Moving towards a definition of AI
Right now, there is no one authoritative, consistent and overarching definition of AI. Our guide seeks to provide a useful frame of reference to support AI developers, users and regulators.
We see AI as an umbrella term for interrelated techniques and technologies – including subfields like machine learning, natural language processing and robotics. Essentially, AI enables machines to perform tasks that would normally require human intelligence - including natural language, pattern recognition and decision making.
Making informed decisions with robust guidance
Australia has always been an early adopter of technology and as AI becomes ubiquitous across the economy, the launch of practical guidance will assist business and government in making informed decisions on AI adoption.
The guide and checklist enables organisations and government to navigate all facets of AI with the full understanding of good governance. Including:
- Establishing dedicated governance frameworks
- Designating a responsible owner for AI governance in the C-suite
- Tracking and monitoring AI systems and use-cases
- Responding to reports
- Investing in training
- Implementing routine auditing of algorithms
Key considerations for AI adoption and use
AI impacts on economy and jobs
AI has the potential to create new opportunities and transform industries – with a predicted $315 billion boost to the economy by 2028 – but it also raises concerns about impacts on jobs. AI will likely reshape cognitive work and change the demand for different skillsets, knowledge and experience.
Trust and public perception
As with any new technology, AI induces both excitement and anxiety. Can it be trusted? The guide discusses the role of transparency, accountability and self-regulation.
Government’s role in AI governance
How does government ensure AI benefits are realised and risks mitigated? Balancing overregulation with innovation and investment is key and our report explores the challenges.
A checklist for Australian businesses
A Checklist for Trustworthy AI provides a practical governance and implementation checklist for trustworthy AI covering:
- Organisational Alignment
- Ethics
- Legal
- Data
- Algorithms
- Security
How KPMG can help
We help organisations navigate the ever-changing AI landscape. Together, we work to develop clear quality and risk management practices - focusing on trust, transparency and accountability. We also offer targeted advice and solutions to help governments achieve regulatory reform to protect citizens and the broader community.
