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SIGNIFICANT GAP IN ETHICAL AI IMPLEMENTATION: ACCENTURE

By Digital Nation Staff on Jul 18, 2024 4:00PM

The latest data has found despite Australian businesses showing a strong
commitment to ethical AI practices amid increasing regulatory scrutiny, there is
a significant gap in implementation, according to Accenture.

According to the findings from the Total Enterprise Reinvention report, around
52 percent of businesses believe they can scale responsible AI across the next
18 months.

It also showed that while survey participants think responsible AI holds
importance, only six percent of Australian organisations believe responsible AI
have been scaled across and meeting future regulations.



Matt Coates, technology lead at Accenture ANZ told Digital Nation, “While
business leaders recognise the importance of embracing responsible AI practices,
the issue lies in establishing exactly how they implement these into their
organisation.”

“Firstly, there is no universally accepted definition of responsible AI, making
it more challenging for businesses to establish exactly what standard practices
are. As a result, businesses often lack detailed guidance on operationalising
these principles.”

Coates explained, “There is significant complexity of integrating ethical AI
into existing systems”.

“All the while, AI technological development is outstripping regulatory and
organisational capabilities.”

Failing to meet ethical AI standards “can range from regulatory penalties to
reputational damage.”

“The Australian Government is considering implementing mandatory guardrails for
high-risk AI applications, which may include requirements for testing,
transparency, and accountability.

“Failure to adhere to these standards could lead to fines, restrictions on AI
deployment, or mandatory audits.”



“But it isn’t just in compliance where companies will feel the consequences. The
loss of trust from customers and partners can significantly impact a company's
market position and brand value .”

He added that equally, “failing to responsibly implement AI means missing out on
the full array of productivity gains, meaning businesses risk falling behind in
an increasingly AI-driven market.”

“Closing the implementation gap requires a multi-pronged approach,” according to
Coates.

“Firstly, businesses should invest in training and upskilling their workforce to
handle AI responsibly, including developing skills in AI ethics, data
management, and algorithmic fairness.

“In addition, leveraging industry collaborations and prototypes can provide
practical tools for assessing and mitigating AI risks.”

He said, “More broadly, regulatory frameworks need to evolve to provide clear
guidelines and support for businesses.”

“If businesses adopt a responsible AI adoption mindset that focuses on
supporting their people, they will be on the right path to unlocking the
potential benefits AI can bring to the workforce.”

Coates said not fulfilling AI potential means missing out on significant
opportunities for innovation, efficiency, and competitive advantage.

“AI has the potential to revolutionise many, if not all sectors, but without
responsible implementation, businesses risk perpetuating biases, violating
privacy, and causing unintentional harm. This not only affects the bottom line
but also the broader societal trust in AI technologies.

“In a rapidly evolving technological landscape, businesses that do not fully
embrace AI risk being left behind competitors who leverage AI for innovation and
growth.

He explained that as AI technology becomes increasingly important to the way we
work, “staying ahead requires continuous investment and attention.”

© Digital Nation
Tags:
accentureaigenaigenerative ai


By Digital Nation Staff
Jul 18 2024
4:00PM


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