In a recent discussion held by the RegTech Association, Antoni Barous, the Head of Innovation at NAB, emphasized the importance of implementing rules and standards to regulate generative artificial intelligence (AI). He suggested that practical tools and standards, delivered through […]
In a recent discussion held by the RegTech Association, Antoni Barous, the Head of Innovation at NAB, emphasized the importance of implementing rules and standards to regulate generative artificial intelligence (AI). He suggested that practical tools and standards, delivered through an expanded regulatory framework, could be a better starting point than relying solely on the promises of AI developers.
Barous stressed the need for practical application of tools and standards in conjunction with expanding the existing regulatory framework. He discussed the potential efficiency of focusing on practical measures rather than relying solely on ethical oaths.
The concept of an ethical oath, typically associated with medical practice, pertains to the ethical responsibility of doctors. Barous argued that while he does not discount the importance of ethical oaths, he believes that applying practical tools and standards is a better baseline for generative AI.
Barous provided an example of NAB’s support for the government’s certification of industrial standards related to safe and responsible AI use. He proposed the possibility of developing certifications based on existing ethical principles in the field of AI. He suggested that such certifications could be more concrete and standardized than simply relying on oaths.
Another area of interest highlighted by Barous is the practical development of tools that enable ethical AI use. He highlighted NAB’s partnership with the Australian Human Rights Commission to develop a Human Rights Impact Assessment (HRIA) tool. This tool aims to assess the impact of AI on human rights in decision-making systems within the banking sector.
When discussing NAB’s approach to AI implementation, Barous emphasized the importance of caution and gradual progress. He stated that NAB takes a phased approach, starting with “crawling, walking, and then running” in utilizing generative AI. This cautious approach ensures that adequate controls and testing are in place before deploying AI-driven processes.
As NAB lays the foundation for significant transformation through AI, it emphasizes the need for ongoing testing and refinement. Barous emphasized the importance of thorough testing to ensure not only the functionality of AI systems but also the effectiveness of the underlying control mechanisms and supporting processes.
What is Generative Artificial Intelligence?
Generative Artificial Intelligence (GAI) is a branch of AI that focuses on developing systems capable of generating new and original content, such as images, music, or text. These systems employ complex algorithms and machine learning models to learn from existing data and recognize patterns that can be applied to create novel content.
What is RegTech?
RegTech, short for “regulatory technology,” refers to the application of technology to address regulatory challenges in the financial sector. This technology encompasses software, tools, and platforms that assist financial institutions in automating and streamlining compliance processes, risk identification, and data management.
What is Ethical Use of Artificial Intelligence?
Ethical use of artificial intelligence (AI) involves the development and deployment of AI systems and technologies with respect for moral and societal values. It entails taking measures to ensure that AI systems are not misused, discriminatory, or harmful to individuals or society. Ethical use of AI encompasses transparency, accountability, privacy, and respect for human rights.
– [RegTech Association](https://www.regtech.org.au/)
– [Australian Human Rights Commission](https://www.humanrights.gov.au/)