Corporate Regulation Is Not as Bland as AI Thinks: Longo
Australian Financial Review
SKIPPED
Details
- Date Published
- 21 May 2024
- Priority Score
- 3
- Australian
- Yes
- Created
- 8 Mar 2025, 01:04 pm
Description
ASIC asked a generative AI program to summarise reams of documents as a test. The results were more boring than the originals.
Summary
The Australian Securities and Investments Commission (ASIC) tested a generative AI's ability to summarize documents related to corporate regulation, finding that AI-produced summaries lacked the nuance captured by human analysts. This pilot program was part of ASIC’s initiative to integrate AI into its operations, as it explores the capabilities and limitations of AI in regulatory contexts. While the exercise highlights current limitations in AI's ability to grasp complex regulatory texts, it also underscores the potential for AI tools to support regulatory functions. The article provides insights into AI application within a significant Australian regulatory body, relevant to ongoing international discussions about AI integration in governance frameworks.
Body
TechnologyAIPrint articleTess BennettTechnology reporterMay 21, 2024 – 5.48pmSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginGenerative AI was not as good as humans at reading reams of documents on corporate regulation, turning in bland summaries that failed to pick up on nuances noticed by people, an experiment by the regulator found.The Australian Securities and Investments Commission, in a pilot program as part of its work to prepare for the age of artificial intelligence, deployed a large language model to “read” and summarise public submissions to a parliamentary inquiry that referenced the regulator. It compared the results to humans who did the same task.Loading...Tess Bennettis a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter.Connect withTessonTwitter.EmailTessattess.bennett@afr.comSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAIAI SummitAFR LiveFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy endJun Bei Liu: How I learnt to speak upSally Patten and Lap PhanThe four actor ‘tricks’ giving executives more confidence‘We’ll fight’: Alex Waislitz on family battles and bad betsA last-chance tote bag and a groovy case for trumpetersEugenie KellyThis machine can bring out the creative streak you never knew you hadThis data-driven wellness retreat is a haven for high-flyersBillionaire Nicola Forrest appoints UBank boss to run family officePrimrose RiordanVictor Smorgon’s star fundie eyes 50pc returns for new fundForrest family powerbroker had alleged role in big Fortescue decisions