Regulation | Artificial Intelligence | Industry Development | AI Development: Regulation and Challenges

Following the previous piece of news, major industry giants have been engaging in how to use AI for business development, such as KPMG’s use of KymChat as a tool for engaging in some of its communications with clients and internal management of the firm. This has sparked discussions about the potential impact on employees involved in core auditing work. Will AI technology replace a significant portion of process-driven and data-driven tasks faster, leading to heated debates?

At the same time, with the rapid development of artificial intelligence (AI) and its application in providing automation and decision-making capabilities, regulatory bodies such as the Australian Securities and Investments Commission (ASIC) will need to consider how to view the reduced human involvement in this crucial work. Will ASIC be more inclined or not to trust partially or predominantly AI-driven audits? Will regulations need to be changed to address this? A range of issues, including data and client privacy protection, accountability, transparency management, and more, will be faced by regulatory bodies, policymakers, businesses, and employees in their development and employment. (Image sourced from the Australian Securities and Investments Commission website and the Australian Financial Review)