Assistant Minister for Science, Technology and the Digital Economy, Andrew Charlton, has flagged the government is looking to regulate AI companies by forcing them to run rigorous “risk management” processes.

Called “systems regulation”, the approach would place “the onus on companies to build and run a rigorous process for finding, testing, reporting on and managing the risks of their systems”.

They would then be held “accountable for whether that process works,” Charlton said in a speech to the Sydney Trust and Safety Festival on the Regulation of AI.

The government has argued strongly that AI must have guardrails, with this being a major pitch from Prime Minister Anthony Albanese when he was in New York recently.

Charlton said “systems regulation” was a model used in health and safety, security of critical infrastructure,........

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