AI Governance and Explainability in Property Markets - a Roundtable Forum

With 2023 serving as a benchmark, New Zealand’s judicial system has established stringent protocols for using generative AI (GenAI) within legal contexts. The Courts of New Zealand underscore the importance of governance and explainability by mandating that “all information generated by a GenAI chatbot should be checked by an appropriately qualified person for accuracy before it is used or referred to in court or tribunal proceedings.” This directive requires AI users to ensure that a high standard of duty of care is upheld, especially for professional users, such as valuers. This forum will discuss the latest requirements and developments for AI governance and explainability, with insights from practicing valuers, law researchers, AI and computing science experts, and property researchers.