Prepared for the Australian Chief Scientist, this report explores the risks and opportunities associated with generative artificial intelligence.

While the regulatory environment related to AI systems is evolving, an organisation that uses or relies on an AI system will generally be responsible if it causes harm. This report argues that corporate leaders need to rapidly appreciate their existing legal duties and emerging responsibilities regarding AI.

Whether deployed within the private or public sectors, regulatory technology (RegTech) holds significant potential to improve regulatory compliance, reduce compliance costs, and improve the speed and accuracy with which known harms can be addressed and emerging risks can be identified.

Rapid advances in AI can have great benefits but may also lead to significant risks, so it is crucial to ensure that we steer progress in a direction that benefits all of society.

This report makes timely policy recommendations on how G7 countries can set the global agenda for artificial intelligence (AI) governance, including establishing a common lexicon for AI and streamlining regulation between national, regional and professional organisations. It was developed in cooperation with the CSIS AI Council and working group, an international and cross-disciplinary group of...