{"id":5520,"date":"2024-07-03T17:22:40","date_gmt":"2024-07-03T07:22:40","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=5520"},"modified":"2024-07-04T14:23:45","modified_gmt":"2024-07-04T04:23:45","slug":"ai-and-data-governance-is-heating-up-in-australia-expert-panel","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/ai-and-data-governance-is-heating-up-in-australia-expert-panel","title":{"rendered":"AI and data governance is heating up in Australia: Expert panel\u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A recent panel discussion featuring industry experts has shed light on the necessity for ethical AI and effective data governance practices. Their discussion focuses on how these <a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/survey-reveals-macro-trends-driving-tech-adoption-in-tax-and-finance\" target=\"_blank\" rel=\"noreferrer noopener\">macro trends<\/a> are affecting Australian-based corporate professionals.&nbsp;<\/p>\n\n\n\n<div class=\"videoframe\"><iframe loading=\"lazy\" class=\"vidyard_iframe\" src=\"\/\/play.vidyard.com\/\nMJ2uNFhVNj6tpNBe9mhGWe\n.html?\" width=\"100%\" height=\"100%\" scrolling=\"no\" frameborder=\"0\" allowtransparency=\"true\" allowfullscreen=\"\"><\/iframe><\/div> <style>.videoframe {position: relative;overflow: hidden;width: 100%;padding-top: 56.25%;}.vidyard_iframe{position: absolute;top: 0;left: 0;bottom: 0;right: 0;width: 100%;height: 100%;}<\/style>\n\n\n\n<h2 class=\"wp-block-heading\">What is the rise of AI harms?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Professor Jeannie Marie Paterson, Consumer Protection and Technology Law, Director of the Centre for AI and Digital Ethics, The University of Melbourne said that there are two sides to AI. One is the emerging harms, and the other is the potential for AI to drive positive outcomes.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt&#8217;s a hot topic because we&#8217;ve become aware of the potential of AI to cause some harms, as well as do some goods. The harms are bias, inaccuracy, and fraud.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They are all big topics, and people are really focused on these issues right now, she commented.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Carter Cousineau, Vice President &#8211; Data and Model (AI\/ML) Governance and Ethics, Thomson Reuters said that her organisation embeds ethics and governance across the entirety of the data and AI lifecycle to reduce emerging harms.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere&#8217;s a lot of concepts that go into data governance, and good data governance and AI governance practices,\u201d she explained.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These concepts include creating data, <a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/charting-technologys-effectiveness-for-tax-and-finance-professionals\" target=\"_blank\" rel=\"noreferrer noopener\">utilising data<\/a>, building AI, machine learning models through to decommissioning them, and even retention of the data itself, Carter elaborated.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Data governance is a strength, not a burden&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Susan O&#8217;Neill, Commercial Director, Australia &amp; New Zealand for Microsoft sees the significant advantage that AI can offer professionals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking from a tax and finance perspective, she said she believes data governance can provide a competitive edge, particularly for tax and finance professionals. The proliferation of data can be a competitive advantage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you&#8217;re a tax professional, it really does help to have standardised data throughout your organisation, because that means it&#8217;s easier to actually do your tax reporting. But also you&#8217;ve got less concerns about compliance.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBut equally, it can really help when you&#8217;re doing things like implementing AI or, you know, looking at market opportunities to have really good data\u2026 you can unleash some real power, and it can be a strategic asset for you.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAnd then finally, if you&#8217;ve got good data, nobody actually notices if you&#8217;ve got good data, data governance, but if you don&#8217;t, and it goes wrong, then the ramifications can be huge. And so from a compliance perspective, it&#8217;s you know, it&#8217;s absolutely critical for companies as well to get on top of this,\u201d Susan concluded.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are AI ethics trivial?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As an expert in her field, Professor Jeanie Paterson from Melbourne University also believes that ethics is critical. Ethics plays a foundational role in guiding standards and practices within organisations, ensuring that AI technologies are used responsibly.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe often trivialise the importance of ethics by saying it&#8217;s an add on. It&#8217;s not\u2026 it&#8217;s central!\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In summary, companies looking to operate with a social licence ought to be addressing AI ethics to stay on track. Ethics are not an optional form of dealing with the power of AI and data.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\">Keeping the human in the AI loop&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Carter Cousineau from Thomson Reuters shared insights on how AI functions as an instrument driving operational efficiency. She highlighted how AI streamlines processes across an organisation, reducing redundancy and improving governance.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c[AI] serves as a greater operational benefit for your company,\u201d said Carter.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt actually doesn&#8217;t matter which sector you&#8217;re currently in. We see this in agriculture, we see this in law, tax, and accounting, we see this in healthcare. The overall adoption curve is truly a change management practice.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To go over that curve, she added, you must feel comfortable in:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Understanding the limitations&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Understanding where things could go wrong&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recognising that the human needs to be in the loop&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAspects of ethical AI are certainly not going anywhere\u2026 Our subject matter expertise that we each have is something that you need to work alongside the technology and not against it.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bringing AI out of the shadows&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many organisations might already be using AI technologies without full awareness, highlighting the importance of proactive engagement with AI to fully leverage its potential responsibly.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alec Christie, Partner for Clyde &amp; Co, pointed out the pervasive nature of AI in workplaces. &#8220;Most companies would have a Copilot, even if they don&#8217;t realise it,&#8221; he quipped.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The insights from the panel emphasised the transformative impact of AI and data governance in numerous sectors. As these technologies continue to evolve, professionals must stay informed and actively participate in shaping how their organisations adopt and govern AI.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How should professionals in Australia start to tackle these issues? Based on the insights shared in the panel discussion, it would be the following:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"1\">\n<li>Reflect on how AI and data governance are managed within your organisation.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li>Engage with further educational resources to deepen your understanding of these critical areas, ensuring that your practices align with the highest standards of ethics and efficiency.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">If you liked this, try reading: <a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/digital-transformation-tax-and-finance-professionals\" target=\"_blank\" rel=\"noreferrer noopener\">What\u2019s driving digital transformation for tax and finance professionals?<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industry experts shed light on the necessity for ethical AI and effective data governance practices in Australia. <\/p>\n","protected":false},"author":5,"featured_media":5527,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1244,693,938,939,686,972,697,810,811,966,974,660,981,982,812,1155,941,701,788,684,967],"tags":[138,460,897,928,764],"insight_job_role":[704,703,707,708,710,713,712,714,804,1083,715,793,719,718,879,722,807,808,724,881,882],"insight_practice_area":[904,1294,948],"class_list":["entry","author-traus","has-excerpt","post-5520","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-advice","category-business-continuity","category-business-development","category-business-management","category-business-transformation","category-cloud-computing","category-compliance","category-data-privacy","category-data-security","category-document-automation-and-management","category-efficiency-and-time-management","category-governance-risk-compliance","category-innovation","category-innovation-and-disruption-in-law","category-innovation-and-technology","category-legal-trends","category-practice-management","category-regulatory-intelligence","category-research-and-know-how","category-strategy","category-strategy-and-business-development","tag-compliance","tag-risk","tag-risk-and-compliance","tag-risk-management","tag-tax-technology","insight_job_role-accounts-finance-professional","insight_job_role-accounts-payable","insight_job_role-business-development","insight_job_role-business-manager","insight_job_role-chief-executive-officer","insight_job_role-chief-financial-officer","insight_job_role-chief-information-officer","insight_job_role-chief-operations-officer","insight_job_role-chief-risk-officer","insight_job_role-company-director","insight_job_role-compliance-risk-manager","insight_job_role-compliance-officer","insight_job_role-finance-director","insight_job_role-financial-controller","insight_job_role-financial-professional","insight_job_role-general-manager","insight_job_role-head-of-international-tax","insight_job_role-head-of-tax","insight_job_role-operations-manager","insight_job_role-tax-agent-advisor","insight_job_role-tax-manager-director","insight_practice_area-risk-and-compliance","insight_practice_area-tax-and-accounting","insight_practice_area-tax-law","hentry"],"acf":[],"yoast_head":"<!-- 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