AI Governance

EY urges clear AI guidelines for Australian business leaders

EY urges clear AI guidelines for Australian business leaders

Katherine Boiciuc, the Regional Chief Technology and Innovation Officer for Oceania at Ernst & Young (EY) Australia, has made a powerful plea to the Australian Government. She urges them to set clear and actionable guidelines addressing key areas such as accountability, transparency, and sustainability in AI. This request is in response to recent studies by EY’s CEO Outlook Pulse Survey revealing that more executives in Australia are now concentrating on the adoption of AI technology as a tool that can help their organizations grow and become more efficient.

As observed in the survey, 65% of leaders admitted that they know the efficiency gains that can stem from AI. Thus, an equal percentage acknowledges the importance of responding to the possible social and ethical concerns with the implementation of its use. Besides this, about half of these leaders plan to invest significantly in AI technologies next year. 

However, the interest in AI in Australia has increased over the years, and the country needs to catch up with other countries worldwide due to reliance on imported innovations in AI. Therefore, there is a dire necessity for implementing domestic policies that can steer and dictate the ethical advancement and application of AI technologies to level up with other players in this avenue.

In particular, Katherine Boiciuc calls for increased government support of AI development and the implementation of essential rules and standards to define the legal use of AI in various sectors. According to Boiciuc, these actions are fundamental in establishing Australia as a world leader in advancing artificial intelligence.

Furthermore, EY has also been a proponent of incorporating artificial intelligence and even offered direct input by providing recommendations to the Australian Senate Select Committee. According to their submission, AI should be integrated in a way that adheres to ethical practices to avoid the dangers of the misuse of the technology. This is particularly important in areas like health, the environment, and infrastructure since AI can potentially affect many lives. Thus, through participation in this committee, EY contributes to the conscientious implementation of AI technology in Australia.

In her discussion, Boiciuc underlined the role of ethical orientations and policy cues in AI regulation strategies. To overcome this, measures must be taken to minimize such risks, but more importantly, organizations must align their policies to international regulatory frameworks. This way, they can easily follow such standards when deploying international AI solutions or exporting their localized AI solutions to the global market.

Similarly, EY’s presentation to the Senate points to the need for laws that address the environmental implications of training and deploying AI. However, these concerns must be balanced against the possible benefits of this measure in terms of economy and productivity. These are important because they go beyond the utilitarian aspects of AI in business settings.

EY is a well-acclaimed company operating in the assurance, consulting, strategy, tax, and transaction services industries, striving to impact the world through its activities positively. To achieve its mission, EY uses the latest data and technology and employs diverse teams from over 150 countries. The organization wants to generate sustainable value for its clients and create value in the broader societal context while maintaining trust in the financial markets.

EY’s actions and call for government intervention are helpful and show a progression in just how much of a role AI technology can play. They show how there is always a need to strike a balance between the two to safeguard progress and the ethicality of the process. Australia must be not just a follower in AI but a leader with responsibility and optimism.

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ToAI Team
Fueled by a shared fascination with Artificial Intelligence, the Times Of AI journalists team brings together various researchers, writers, and analysts. We aim to provide a comprehensive knowledge of AI for a broad audience of the Times Of AI. Through in-depth analysis of the latest advancements, investigation of ethical considerations around AI development, AI governance, machine learning, data science, automation, cybersecurity, and discussions about the future impact of AI across various sectors, we aim to empower readers with the details they need to navigate this rapidly evolving field.

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