Internal documents show the corporate watchdog has launched a drive to automate its work and is now prioritising controversial technology.
The corporate watchdog will increase the use of automation and artificial intelligence across its operations, raising concerns among experts that the required technology remains under-developed and could allow serious allegations of white-collar crime to evade investigation.
In response to the authority’s report, ASIC held a 23-week campaign focused on “building the digital literacy of senior leaders” by sharing case studies, articles and information about topics such as “digital mindset, innovation, automation and artificial intelligence”, according to documents.The regulator also launched an internal campaign to “identify automation opportunities”, which produced 134 “automation ideas” which were assessed and costed.
“It’s not very sophisticated. I don’t think it’s at a sufficient quality that we know it’s going provide good insights for ASIC,” Bird said. “It will strengthen over time, and be more accurate as a consequence. But what does that mean for the moment? It means the regulator must act with caution and not use AI exclusively until they’re confident it’s thorough. If not, cases might not get investigated that warranted proper investigation.
University of Wollongong associate professor and corporate regulation expert Dr Andy Schmulow was more critical, and said ASIC’s focus on automation was a “distraction” from its longstanding failure to act on reports of misconduct.“This is part and parcel of the moral bankruptcy that is now ASIC ... Instead of doing their job, they are subcontracting their work and analysis to a machine,” he said.
It found only 10 per cent of ASIC’s annual spending went towards technology, compared to 21 per cent for the UK’s financial regulator and 17 per cent for the US Securities and Exchange Commission, the documents state.
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