SYDNEY, April 30 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has called for a step-change in how banks, insurers and superannuation trustees manage AI-related risks as the technology continues to rapidly evolve.
In a letter to industry published today, APRA warned that governance, risk management, assurance and operational resilience practices are not keeping pace with the scale, speed, and complexity of AI adoption.
The letter outlines the findings of a targeted supervisory review APRA undertook late last year across all its regulated industries examining how AI was being deployed and governed. The review noted that the expanded use of advanced A...