The world has seen a paradigm shift in the speed in the development of Artificial Intelligence (AI) over the past eighteen months. While these tools and capabilities provide significant opportunity to completely revolutionise businesses and their products and services, there is also a fear of the unknown and potential consequences this technology brings.
A critical component on managing the potential risks associated with AI is appropriate regulation. The European Union (EU) is taking a proactive approach to governing AI technologies to ensure they align with fundamental rights, privacy, and safety standards.
When formally passed into law, the highly anticipated EU AI Act will set a global standard in the regulation of AI, a model on the basis of which other jurisdictions may seek to mould their own national rules.
While the legislation still needs to be formally passed by each legislative body, businesses that operate in Europe now have a much clearer picture of what their compliance obligations will be once the EU AI Act enters into force. It is expected that the EU AI Act will be formally passed into law in early 2024.
Sean Redmond and our Risk team outline below the 10 essential EU Act questions business need to know.