Governance arrangements in the face of AI innovation

2025

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AI-generated summary

1) This report highlights critical governance gaps in how financial and credit licensees are managing the rapid adoption of AI, posing risks to consumers.
2) - Examines AI use cases across 23 AFS and credit licensees, identifying trends in adoption and complexity.
- Assesses risk management and governance arrangements, revealing inconsistencies and a lag in updating policies to match AI advancements.
- Provides insights into the evolving regulatory landscape and ASIC's focus on digital and data resilience in the face of AI innovation.
3) AI, Governance, Risk Management, Financial Services, Consumer Protection

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