Market & Regulation
AI Governance Gaps Highlighted by Australian Regulator
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- →This highlights the need for improved governance frameworks for AI in financial institutions, which is crucial for AI practitioners focusing on compliance and risk management.
Australia's financial regulator, APRA, has warned that AI governance practices among financial firms are inadequate, particularly in risk management and operational resilience. A review found that while AI is widely adopted, many boards lack sufficient scrutiny of associated risks.
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