AI Summit 2024: Regulators keeping business in the dark on AI: Productivity Commission

Already a subscriber?The country’s competition and corporate regulators are not doing enough to tell businesses how to apply existing rules in the era of artificial intelligence, the Productivity Commission’s Stephen King says.

Not only would better communication from regulators help businesses, it would also help the regulators figure out where the gaps are in existing law, he said.“They can then work out how to rebuild them, do we need changes to the regulations, do we need, for instance, test cases,” he said. “We do need to recognise, and boards certainly recognise, that there is a sense of social licence that attaches to the rollout of AI,” he said.“There are ethical risks that attach to the rollout. How you manage those is critical to maintaining that social licence so that you can drive the productivity benefit as well.”

“I’m expecting in the coming weeks that the expert panel we’ve put together to advise us on the mandatory guardrails will release their proposals on how we tackle these things.”

Source: News Formal (newsformal.com)

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