2nd Australian Responsible AI Index launched - calls for government to regulate sooner rather than later

Today marked the unveiling of the 2nd Australian Responsible AI Index, accompanied by urgent appeals for the government to intervene and curb the potential misuse of artificial intelligence (AI). 

The Australian Financial Review provided comprehensive coverage of this critical topic, revealing that a mere 3% of Australian companies are managing the adoption and continuous use of AI in a responsible manner.

As AI permeates almost every facet of business operations, it is crucial that its management and regulation extend beyond vendors and IT teams, ensuring responsible policies are in place for both the business and society as a whole.

The Index report disclosed several key findings:

• The average Responsible AI Index score for Australian organisations has remained stagnant at 62 out of 100 since 2021.
• While a significant 82% of respondents believe they are adopting best-practice approaches to AI, a closer look reveals that only 24% are taking conscious steps to guarantee the responsible development of their AI systems.
• There has been a growth in organisations with an enterprise-wide AI strategy linked to their broader business strategy, with the figure rising from 51% in 2021 to 60%.
• Among those organisations, only 34% have a CEO who is personally committed to spearheading the AI strategy.
• Organisations with CEO-led AI strategies boast a higher RAI Index score of 66, compared to a score of 61 for those without direct CEO involvement.
• A total of 61% of organisations now recognise that the advantages of adopting a responsible AI approach outweigh the associated costs.

The Responsible AI Index serves as a timely reminder for the Australian government to act swiftly in the face of these findings, reinforcing the need for a more responsible approach towards AI implementation across the board.