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AI Governance: How Companies Can Manage Risks and Improve Decision-Making

Australian Financial Review

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Date Published
3 Mar 2026
Priority Score
3
Australian
Yes
Created
2 Mar 2026, 08:00 pm

Authors (1)

Description

Policies, accountability, risk assessment and guardrails for the use of AI are a serious responsibility – one you can’t just throw money at.

Summary

The article discusses the challenges and responsibilities of AI governance for large corporations, particularly within financial and utility sectors. While companies are investing in governance frameworks, a gap persists in their risk management capabilities versus their ability to leverage AI value. Notably, Australia lacks specific AI regulatory laws, relying instead on existing Privacy and consumer protection statutes. This highlights the need for proactive internal policies to handle AI risks effectively. The discussion is relevant to global AI safety and governance, emphasizing the importance of robust frameworks to mitigate potential harms.

Body

TechnologyAIPrint articleChristopher NiescheMar 3, 2026 – 6.00amLarge companies such as financial organisations and utilities have invested heavily in governance of artificial intelligence, but there remains a gap between their ability to get value out of AI and their ability to manage the risk.There are no laws specifically covering how artificial intelligence can be used in Australia, but its use can’t breach existing laws, such as the Privacy Act and consumer protection laws.Loading...SaveLog in or Subscribe to 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 MoreAIAFR ReportsGovernanceRisk managementFetching latest articles