AI Governance and Explainability in Property Markets - a Roundtable Forum: AI Governance and Explainability in Property Markets – a Roundtable Forum - presented by Dr Drew Franklin and Heather Beard and Matt Tooman and Dr Benjamin Liu and Dr Alan Toy and Mike Merry and Dr William Cheung and Dr Edward Yiu | Artificial Intelligence in Property Valuation - presented by Matt Tooman | AI Governance - presented by Alan Toy | AI Governance and Explainability in Property Markets - presented by Mike Merry | An Error-Correctable AI - presented by Dr William Cheung

AI Governance and Explainability in Property Markets - a Roundtable Forum

Dr Alan ToyDr Benjamin LiuDr Edward YiuHeather BeardMatt ToomanMike Merry+1

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.

1. AI Governance and Explainability in Property Markets – a Roundtable Forum
Heather Beard
Heather Beard
New Zealand Institute of Valuers
Matt Tooman
Matt Tooman
New Zealand Institute of Valuers
Dr Benjamin Liu
Benjamin Liu
University of Auckland
Dr Alan Toy
Alan Toy
University of Auckland
Mike Merry
Mike Merry
University of Auckland
Dr William Cheung
William Cheung
University of Auckland
Dr Edward Yiu
Edward Yiu
Chaired by Drew Franklin

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.

References
  • 1.
    Toy, A. & Liu, B. (2020). \tPrinciples of Artificial Intelligence Audit and Synchronicity with Privacy Principles. New Zealand Business Law Quarterly, 26(1), 27-40.
  • 2.
    E. C. Y. Yiu and W. Cheung (2024) How to Bring AI-Enabled Valuations to Meet Professional Duty of Care Standards?. SSRN Electronic Journal
  • 3.
    K. S. Cheung (2024) Real Estate Insights: Establishing transparency – setting AI standards in property valuation. Journal of Property Investment & Finance
  • 4.
    M. Merry et al. (2021) A mental models approach for defining explainable artificial intelligence. BMC Medical Informatics and Decision Making
2. Artificial Intelligence in Property Valuation
MT
Matt Tooman
No abstract was provided for this talk.
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3. AI Governance
AT
Alan Toy
No abstract was provided for this talk.
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References
  • 1.
    Toy, A. & Benjamin, L. (2020). \tPrinciples of Artificial Intelligence Audit and Synchronicity with Privacy Principles. New Zealand Business Law Quarterly, 26(1), 27-40.
4. AI Governance and Explainability in Property Markets
MM
Mike Merry
No abstract was provided for this talk.
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References
  • 1.
    M. Merry et al. (2021) A mental models approach for defining explainable artificial intelligence. BMC Medical Informatics and Decision Making
5. An Error-Correctable AI
Dr William Cheung
William Cheung
University of Auckland
No abstract was provided for this talk.
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References
  • 1.
    K. S. Cheung (2024) Real Estate Insights: Establishing transparency – setting AI standards in property valuation. Journal of Property Investment & Finance
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Department of Property Seminar Series
The University of Auckland Business School
Cite as
A. Toy et al. (2024, September 3), AI Governance and Explainability in Property Markets - a Roundtable Forum
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