ai regulation

APRA’s AI Regulation Approach

The Australian Prudential Regulation Authority (APRA) has published a speech delivered on May 21st  by Board Member Therese McCarthy Hockey to the Australian Finance Industry Association Risk Summit in Melbourne.

In “Taking flight: navigating the challenges posed by generative artificial intelligence”,
the speech  delivered APRA’s most substantial guidance to date on how banks, insurers and superannuation trustees should approach the adoption of new, more powerful artificial intelligence (AI) tools in their businesses.

This single comment alone makes this well worth 5 minutes of your time

“Given the materiality of some of the threats I just outlined, you might think APRA would be looking at introducing new regulatory requirements to mitigate those risks but we currently have no such plans. There are several reasons for this.”

Read the full speech here

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The RegulationCity Team.