Business Law

Chan Zuckerberg Initiative awards $5.5 million to UMass for artificial intelligence project


Chan Zuckerberg Initiative awards $5.5 million to UMass for artificial intelligence project … The project's goal is to create an intelligent and navigable map of scientific knowledge using a branch of artificial intelligence called "knowledge representation and reasoning," according to a UMass press release.

Artificial intelligence impact in finance industry increasing - Financial Regulation News


Research conducted by Censuswide on behalf of BlackLine, Inc., a leading provider of financial controls and automation software that enables Continuous Accounting, showed Officials said the survey incorporated the responses of 300 CFOs, finance directors and accountants in American companies with annual revenues of more than $150 million. Nearly half of the respondents indicated AI already plays a role in their organization today, while 30 percent are currently investigating its use. Further analysis revealed more than half of respondents said the technology should enable them to complete accounts payable and receivable functions without the need for human intervention. Almost half of the respondents said AI would further facilitate the automation of reconciliations and nearly one-third said the tools would assist the financial close. "The responses underscore the growing power and use of AI tools and the implications for the finance organization," Therese Tucker, founder and CEO of BlackLine, said.

How is AI Make an Impact on Online Gambling?


Ever since the invention of artificial intelligence (AI) and machine learning, these have become an integral part of almost every technology evolution we see today. Furthermore, AI is now being used in almost every field that has anything to do with the internet and/or technology, to bring more life. This also includes the industry of online gambling, with many online casinos now focusing on providing more and more AI-powered 3D games. So, how is AI changing the world of online gambling and what will be its impacts in the long term? Artificial Intelligence, AI, is the act of integrating an intelligence system in machines, such that the machines can think and make certain decisions on their own.

Simulating data to combat illegal fishing in R


Illegal, Unreported and Unregulated (IUU) fishing is becoming a major issue around the world . In general, IUU fishing is a broad term encapsulating many different scenarios (i.e. For the purposes of this blog, we'll just limit out discussion to Illegal fishing – i.e. fishing uses practices that are against the law, fishing in areas where it is not allowed, or taking animals which are not allowed to be taken. In this blog, I'm simply going to present some code demonstrating the simulation of a training dataset. The training dataset consists of 3000 fictional ships that engage in fishing activities.

How Artificial Intelligence Will Change Corporate Governance


Growing investments in Artificial Intelligence (AI) technology have transformed many areas in the business world, especially among high-tech and financial organisations. External spending on AI-related projects went up to $12 billion in 2016. Companies looking into AI may focus on the potential for automating low-skill tasks, but they are overlooking a major opportunity. Artificial Intelligence can also play a significant role in corporate governance. AI can help streamline decision-making processes, transform big decisions from gut feelings to data-driven knowledge, and better predict the future outcome of such decisions.

Amazon entry to Australia 'will be good for consumers': ACCC


The entry of Amazon into the Australian retail market will benefit consumers, Australian Competition and Consumer Commission (ACCC) Chair Rod Sims has said. In a speech on Thursday, Sims said arguments from incumbent retailers that rely on Section 46 of the Competition and Consumer Act -- which deals with the misuse of market power and was recently revised due to recommendations from the Harper Review -- about Amazon undercutting competition with lower prices have been misguided. "Some of the loudest opponents of the Harper Section 46 changes have suggested that the arrival of Amazon, a new entrant to the Australian market, could be anti-competitive. To me, this shows how much of the recent debate about Section 46 was misplaced," Sims said. "In terms of misuse of market power, if you open a store in a new town and you set a common price point, you are going to lose money initially if you don't have scale.

Big data and machine learning algorithms could increase risk of collusion: ACCC


The Australian Competition and Consumer Commission (ACCC) has provided an overview of its approach to potential future cases where machine learning algorithms are deployed as a tool to facilitate conduct that may contravene competition law. While the ACCC sees many economic advantages in "data-driven innovation" -- such as consumers being able to compare products online -- it also has a number of concerns, such as the possibility of such innovation increasing the risk of engaging in and sustaining collusion, and decreasing competition in the market without necessarily violating any competition laws. "Cases brought to date globally by competition authorities relating to the use or misuse of online databases to determine prices reflect circumstances where'something more' occurred," ACCC chair Rod Sims said at a conference in Sydney on Thursday. In the United States Airline Tariff case, a database that was accessible to travel agents was being used by airlines to negotiate supra-competitive airfares and ensure proposed price hikes were maintained, Sims said. "It is said that a profit-maximising algorithm will work out the oligopolistic pricing game and, being logical and less prone to flights of fancy, stick to it," he said.



Artificial Intelligence or AI is making revolutionary changes in most of the industries in the recent years. Almost every industry face the heat of AI, and many of them will get the benefit of it in future. Per industry experts, transportation, medicine, gambling, and Personal Assistance Services Industry would see most visible changes. Due to the transition of gambling to online mode, the technology would enhance the gaming experience to higher levels. It is great to know how AI is going to change the pace of online gambling.

Financial regulator warns on artificial intelligence risk


The increased use of artificial intelligence in financial services could pose a risk to stability, according to an international regulator. The Financial Stability Board, which includes all G20 major economies, has published a report on the implications of the increasingly widespread use of machine learning and artificial intelligence in the financial sector. It has raised concerns about an "arms race" for the use of artificial intelligence, with financial services companies investing in it simply because their competitors are. While the report said there were likely to be benefits from this development, such as the more efficient processing of information and improved regulatory compliance, this was not without risks because of the potential emergence of new "systemically important" players. The report said: "AI and machine learning services are increasingly being offered by a few large technology firms.

AI in the Boardroom: The Next Realm of Corporate Governance


Just as artificial intelligence is helping doctors make better diagnoses and deliver better care, it is also poised to bring valuable insights to corporate leaders -- if they'll let it. At first blush, the idea of artificial intelligence (AI) in the boardroom may seem far-fetched. After all, board decisions are exactly the opposite of what conventional wisdom says can be automated. Judgment, shrewdness, and acumen acquired over decades of hard-won experience are required for the kinds of complicated matters boards wrestle with. But AI is already filtering into use in some extremely nuanced, complicated, and important decision processes.