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AI Trustworthiness in the Aerospace, Fintech, Automotive, and Healthcare Industries

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Many industries are utilizing AI. However, in this paper, we look at its applications in the aerospace, fintech, autonomous vehicles, and health care industries, where better AI hardware, software, solutions, and services are creating many opportunities. Data integrity, privacy policies, decision system guidelines, and holistic regulations are continuously evolving in these industries. This ecosystem is now ripe for service providers and system integrators to play their parts, with AI adoption achieving appreciable return on investment. Key applications of AI in this space include optimizing operational efficiencies, assuring robustness of systems, data and image interpretation, and human augmented decision-making. Other applications include automation of processes and workflows, better compliance, improved performance, and reliability platforms, unmanned derivative systems (in finance) and digital and virtual assistants. Figure 1 summarizes AI's importance across the four industries discussed in this paper.1-36 The primary drivers of AI are data privacy, security, cost, risk, authenticity, guarantee and improved decision systems. Each driver has its own specific impact and relevance from a business adoption and operations perspective. The driver ensures that applications will have business significance and are attuned to regulations, while having close association with global and geography-specific ecosystems. Also, the drivers ensure quicker adoption to enhance operational efficiency, without compromising on the end-user experience. Regulatory and government bodies play a vital role in assessing and formulating guidelines for adopting AI in the business value chain.


Dear MBAs, AI is Coming For You: The Coming Wave of Expert Automation & Augmentation Software (EAAS)

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When artificial intelligence (AI) and its impact on jobs and the economy comes up, the conversation centers on blue collar jobs. Per The State of Automation Report, there are 4.6M such jobs at risk in the USA due to AI. But, the jobs of MBAs and their white-collar brethren will also be impacted dramatically by AI. A growing wave of AI-infused Expert Automation & Augmentation Software (EAAS, pronounced /ēz/) platforms will usher in a new era of AI-assisted or AI-enhanced productivity. This AI-enhanced productivity is threatening jobs at the lower end of the white-collar spectrum as evidenced by these recent headlines. But to start, Expert Automation & Augmentation Software will be more focused on augmentation, i.e., helping humans do countless complex tasks that are either beyond human cognition and/or inefficient for human beings to do (read thousands of pages of patents and understand key topics). Think of these AI-enhanced assistants as junior analysts (lawyers, journalists, etc) who never tire and who can process information beyond human capacity but who will still need the steady eye of a manager to make subjective judgments.


Rise of the machines: are algorithms sprawling out of our control?

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Gloomy predictions abound that the applications of artificial intelligence and machine learning will put huge numbers of people out of work in the coming years. But the corollary is that these technologies create opportunities to develop new goods and services that will bring new jobs. What's certain is that advanced implementations of computer science are beginning to disrupt our lives. We must start thinking about how these technologies are applied and regulated if we are to reap the benefits and minimise potential harms. The introduction of the steam engine in the 18th century disrupted the life of the agricultural labourer and fuelled the rise of cities, creating new industries and new jobs. Traditional professions such as medicine and law were largely unchanged. But the latest industrial revolution has the potential to change almost every form of work.


Application of AI in RegTech

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Regulatory and compliance issues are some of the most important, complex and resource-consuming problems to solve for any organization, especially for startups with limited resources. Over decades of development, regulatory requirements and documentation have grown into a matter of special expertise and skills to decode. Globally, $80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion in the next five years . According to ANZ, National Australia Bank has estimated that the cost of regulatory compliance has risen from $A86 million annually in 2012 to $A177 million in 2013 and $A265 million in 2014. Westpac was reported to spending $A300 million on compliance last year.


Regtech: The revolution has begun Global Trade Review (GTR)

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Beware: Siri, Alexa and Watson will soon be watching you. Artificial intelligence, machine learning, biometrics and blockchain are just the first seeds of a revolution that will take us into an era of robo-regulators and smart regulation. Sanne Wass reports on a future that is closer than we think. She's nothing like an ordinary compliance officer; even the smartest Oxford graduate would not stand a chance against her. She knows 70 languages, and it takes her just a few minutes to investigate thousands of websites, documents, reports and legal records.