ADAPT State of Australia: Maturity & Performance Insights

Gabby Fredkin, Head of Analytics & Insights at ADAPT explores the “light and dark sides” of artificial intelligence (AI) in finance, likening them to a Star Wars battle between innovation and risk. On the light side are productivity gains, new operating models and creative opportunities, while the dark side includes cyber, compliance and financial risks. This includes the cost of inaction. Gabby stresses that most organisations’ main vulnerability lies in AI governance, describing it as their “single point of failure.” ADAPT’s research shows that risk and compliance remain the number-one factor when allocating AI budgets, yet only 24% of organisations feel confident in their ability to secure AI safely. Moreover, 62% of data leaders report having only basic or minimal data governance controls, and just 3% have automated systems, creating what Gabby calls a persistent “garbage in, garbage out” challenge.

Turning to AI use in finance, Gabby notes that common…