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Australian financial institutions must update AI frameworks, regulator warns

( October 29, 2024, 06:08 GMT | Official Statement) -- MLex Summary: Australian financial-services providers have been warned about the potential risks of inadequate governance frameworks for artificial intelligence technologies. In a statement today, the Australian Securities and Investments Commission said that a survey found that nearly half of Australian financial services licensees did not have policies in place that “considered consumer fairness or bias, and even fewer had policies governing the disclosure of AI use to consumers.” The Australian Securities and Investments Commission has released the survey report on the use of AI by 23 financial services companies today. The report has revealed that while these companies are using AI cautiously, they may not have adequate governance frameworks in place to manage the risks associated with the technology as its use increases rapidly.The full statement from the Australian Securities and Investments Commission follows; the survey report is attached:...

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