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Australia to Regulate High-Risk Artificial Intelligence

AI Regulation | Jan 25, 2024

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The Australian Government announces mandatory regulation of high-risk AI applications in its interim response to the "Safe and Responsible AI" consultation from 2023

  • The government plans to consult on a new regulatory framework specifically targeting high-risk AI applications. This includes establishing safety guardrails that address the unique challenges posed by these technologies.  The Australian Government has outlined a two-pronged approach for the regulation of Artificial Intelligence (AI). This strategy includes implementing more stringent transparency measures for AI systems considered high-risk, while adopting a more lenient regulatory stance for those AI applications deemed low-risk.

See:  FCA’s Emerging Regulatory Strategy for Big Tech and Artificial Intelligence

  • Also, in collaboration with the National AI Centre and industry, the government is developing a voluntary AI Safety Standard, aiming to encourage best practices in AI development and deployment.
  • Considering voluntary schemes for labelling and watermarking AI-generated content, this initiative seeks to enhance transparency for consumers.
  • The government is assessing the adequacy of current technology-neutral laws in relation to AI-specific risks, which is crucial in ensuring existing legal frameworks are capable of addressing new challenges posed by AI.

Transparency and Economic Impact

Emphasizing the importance of transparency, the government's strategy involves making consumers and businesses aware of when and how AI systems are used, especially in high-risk scenarios. This includes public reporting on AI system limitations, capabilities, and areas of appropriate use.

See:  Australian Government Consultation of Digital ID Bill 2023

The regulatory efforts are not just about risk mitigation but also about fostering an environment conducive to AI innovation. Economically, AI adoption in Australia has the potential to substantially boost annual output, with projections indicating a possible addition of A$600 billion by 2030.

Outlook

Australia's progressive steps in AI regulation mirror a global trend towards more robust governance of technology. This initiative is expected to set a benchmark for other nations, emphasizing ethical responsibility alongside technological innovation.


NCFA Jan 2018 resize - Australia to Regulate High-Risk Artificial IntelligenceThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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