Australia: Adopted ISO/IEC 42001 standard on Artificial intelligence management systems

On 19 December 2023, the International Organization for Standardization adopted the ISO/IEC 42001:2023 as a new standard to support the development of AI management systems. The international standards community developed the ISO/IEC 42001:2023 to outline requirements and provide guidance for establishing, implementing, maintaining, and continually improving an AI management system. The broad applicability of the standard makes it suitable for any organisation, regardless of size, type, or nature, involved in providing or using AI-based products or services. That aids organisations in managing risks associated with AI technologies, ensuring robust practices against biases and security breaches. It offers a scalable and integrable approach to incorporating existing privacy or cybersecurity systems and is globally recognised for setting guidelines in AI governance. The standard emphasises systematic methods for the ethical use of AI, privacy, accountability, and transparency, thereby improving decision-making and accountability for AI outcomes.