As organisations, governments and individuals adopt artificial intelligence, ethical frameworks are required to maximise the benefits to society.
How do we balance risk with the opportunity that AI can bring?
Artificial Intelligence (Al) has the potential to deliver tremendous benefits, but also holds the potential to introduce new risk and challenges for Australian government, business and society. We are excited by the possibilities it holds for areas as diverse as health, education, security, social services, finance, agriculture and transport to drive a better quality of life for every Australian. Advances in these areas will see job creation and breakthroughs that lead to new solutions for some of the largest and most intractable problems we face.
But there are significant risks and challenges that need to be addressed. Be they ethical algorithms for autonomous vehicles, bias in Al-powered hiring processes, the impact of fake news bots or the potential to entrench ongoing exclusion on the basis of gender and minority status. Or the lack of a regulatory and ethical framework, as the pace of development of smart technology leaves the law struggling to keep up.
We know that managed properly, technology advances over time have a track record of creating more jobs than they replace, and drive higher rates of GDP growth. In this respect we believe that humans will be central to the development and use of AI, not replaced by it. Indeed, human beings will flourish as a result of increased process efficiency, freeing up space for deeper intellectual, creative and physical engagement across all facets of human life.
We understand that seismic shifts in the technological landscape can be challenging, and that the unknowns can feel overwhelming. This is why our dialogue needs to be proactive, not reactive. Our focus needs to be balanced between these risks and the inherent opportunity AI presents. We want to seek ways to encourage the ethical development of AI and maximise its benefits to society, drive greater investment and more rapid adoption in Australia.
KPMG will continue to actively participate and collaborate with industry leaders and policy makers to unravel the real-life applications and implications of AI, for both people and for businesses in the near and long term future. Get in touch with the team to find out more.