Alphinity Investment Management and Australians national science agency CSIRO have released a responsible AI (RAI) framework and toolkit for financial services.

‘The Intersection of Responsible AI and ESG: A Framework for Investors Report’ is a three-part, open-source toolkit that can be tailored and adapted by investors to assess the impact of AI across their investment portfolio.

It aims to bridge the gap between emerging RAI considerations and traditional ESG principles, such as climate, modern slavery, and governance.

Step one of the framework determines materiality risk incorporating 27 AI use cases across nine key sectors.

Step two provides governance insight across 10 RAI key indicators, which assess the overall commitment, accountability, and measurement of RAI.

Step three offers 40 filterable questions to facilitate detailed analysis and engagement with company management on AI implementation and RAI practices.

The three-part RAI framework follows 12 months of extensive research and engagement with more than 28 global and domestic listed companies across a range of sectors, including Accenture, Commonwealth Bank, Shell, and Mirvac.