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Governance Institute of Australia – White Paper on AI Governance 1 White Paper on AI Governance Leadership insights and the Voluntary AI Safety Standard in practice. Sponsored by:

Contents Best practices: taking a tailored approach Governance Institute of Australia – White Paper on AI Governance 3 About the Governance Institute of Australia A national membership association, Governance Institute of Australia advocates for a community of governance and risk management professionals, equipping over 8,000 members with the tools to drive better governance within their organisation. We tailor our resources for members in the listed, unlisted, not-for-profit and public sectors, and ensure our members’ voice is heard loudly. As the only Australian provider of chartered governance accreditation, we offer a range of short courses, certificates and postgraduate study to help further the knowledge and education of the fast-growing governance and risk management profession. We run a strong program of thought leadership, research projects and news publications and draw upon our membership of the Chartered Governance Institute to monitor emerging global trends and challenges to ensure our members are prepared. Our members know that governance is at the core of every organisation – and in these tumultuous times, that good governance is more important than ever before. About the National Artificial Intelligence Centre The National AI Centre (NAIC) was established in 2021 to support and accelerate Australia’s AI industry. It aims to help Australia become a global leader in developing and adopting safe and responsible artificial intelligence. NAIC is doing this by: supporting AI adoption for small and medium businesses by addressing barriers and challenges, growing an Australian AI industry, convening the AI ecosystem, uplifting safe and responsible AI practice.

Foreword In today’s rapidly evolving technological landscape, artificial intelligence (AI) stands at the forefront of innovation, transforming industries and redefining the way we live and work. I am thrilled to present this joint thought leadership report in collaboration with the National AI Centre, which delves into the profound impact of AI and its potential to shape our future. This report is a culmination of three specialist roundtables with key insights from industry experts, and real-world case studies that highlight the transformative power of AI. It explores the latest trends, challenges, and opportunities in AI, providing a comprehensive overview of how businesses can harness this technology to drive growth, enhance efficiency and create value. It also examines the critical role of governance in the ethical and responsible deployment of AI. Good governance is essential to ensure that AI technologies are developed and used in ways that are transparent, fair, and aligned with societal values. Our partnership with NAIC underscores our commitment to not only advancing AI but doing so in a manner that upholds the highest standards of integrity and accountability. We are proud to share our knowledge and expertise through this report, aiming to inspire and guide organisations on their AI journey. I would like to extend my gratitude to the talented team of researchers, analysts, and contributors who have made this report possible. Their hard work and dedication have resulted in a valuable resource that we hope will serve as a catalyst for meaningful discussions and strategic initiatives in the AI domain. I would also like to sincerely thank our sponsored partners, Clayton Utz, Diligent and PKF for their support in bringing this report to life and for their continued involvement with the work of the Governance Institute of Australia. As you explore the insights and findings within this report, I encourage you to think boldly about the future of AI and its potential to drive positive change. Together, we can harness the power of AI to create a smarter, more connected, and more prosperous world. Thank you for your interest in our AI thought leadership report. We look forward to continuing this journey of innovation and discovery with you. Megan Motto FGIA FCG FAICD Chief Executive of Governance Institute of Australia Ltd and of the Australian Division of The Chartered Governance Institute