Alphinity, CSIRO Collaborate on Ethical AI Framework
Alphinity Investment Management has joined forces with CSIRO, Australia's national science agency, to embark on a year-long research programme. The primary objective is to identify best practices and develop a comprehensive framework to evaluate, manage, and report on the risks associated with responsible artificial intelligence (AI).
The concept of responsible AI centres around the ethical development and deployment of AI systems. By prioritising societal benefits while mitigating potential negative consequences, responsible AI aims to strike a balance that benefits individuals, groups, and society at large.
This collaborative research endeavour will encompass a wide range of perspectives. The team will conduct interviews with businesses that are already using AI technology or are planning to integrate it into their operations. These firsthand insights will provide invaluable information to inform the development of a responsible AI framework.
Moreover, the research programme will seamlessly integrate environmental, social, and governance (ESG) considerations. This integration ensures that the responsible AI framework will align with sustainable and ethical practices, making it a robust and comprehensive approach.
The partnership between Alphinity and CSIRO signifies a commitment to spearheading advancements in responsible AI. By bridging the gap between technology and ethics, this initiative aims to set new standards and pave the way for the widespread adoption of AI technologies that positively impact society while minimising potential risks.
As the year-long research programme unfolds, Alphinity and CSIRO anticipate making significant contributions to the field of responsible AI. By establishing a framework that addresses the ethical dimensions of AI, businesses and organisations will be better equipped to navigate the complexities of AI implementation and ensure a positive impact on society.
Recognising the significant potential for AI to enhance company performance, Alphinity Investment Management's Head of ESG and Sustainability, Jessica Cairns, highlights the importance of understanding and managing the associated risks in areas such as governance, social license, and operations. To gain deeper insights, Alphinity is inviting companies at the forefront of AI adoption or exploration to participate in sharing their experiences and perspectives on responsible AI application across all aspects of their business.
Through its partnership with CSIRO, Alphinity aims to raise awareness and knowledge of responsible AI considerations within the investment community. By analysing case studies and collecting valuable data, the collaboration aims to support companies at the early stages of their AI journey by offering best-practice guidelines.
Earlier this year, Alphinity emphasised the criticality of getting AI growth right, stating that its mismanagement could pose a greater problem than climate change. Highlighting companies like Microsoft, Google, Apple, and Amazon, which have integrated AI into their operations, Alphinity recognises the need for firms to establish their frameworks as AI is not explicitly included in the UN Sustainable Development Goals.
According to Cairns, this collaboration with CSIRO will lay the foundation for the development of long-term frameworks that facilitate responsible AI analysis and robust modelling within the broader context of ESG performance and risk analysis.
Liming Zhu, CSIRO's Research Director, emphasises the objective of empowering Australian businesses to attract global investments through responsible AI practices. By bringing together diverse skill sets and developing measurement tools, the collaboration aims to provide insights into the risks and opportunities companies face in AI adoption, ultimately offering guidance on best practices for both investors and companies.
The Alphinity and CSIRO partnership stands as a testament to their commitment to fostering responsible AI development and positioning Australia as a global leader in this field. By addressing the complexities and challenges associated with AI implementation, the collaboration seeks to build a more sustainable and ethically conscious future.
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Source: Money Management