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Artificial Intelligence (AI) is offering new benefits to society and businesses, aiming to reshape workplaces and key industries. The push to harness the transformative potential of AI and automation is underway. However, amidst the global proliferation of AI in business and daily life, concerns about ethical use and risks emerge. Trust issues persist; in the Trust in artificial intelligence global study, three in five people express wariness about AI systems, leading 71 percent to expect regulatory measures.
In response, the European Union (EU) has made significant strides with a provisional agreement on the groundbreaking Artificial Intelligence Act (AI Act), which is anticipated to set a new global standard for AI regulation. Envisioned to become law in 2024, with most AI systems needing to comply by 2026, the AI Act takes a risk-based approach to safeguard fundamental rights, democracy, the rule of law, and environmental sustainability.
The EU's AI Act aims to strike a delicate balance, fostering AI adoption while upholding individuals' rights to responsible, ethical, and trustworthy AI use. This paper explores the potential impact of the AI Act on organizations, delving into its structure, obligations, compliance timelines, and suggesting an action plan for organizations to consider.
Decoding the EU Artificial Intelligence Act
Understanding the AI Act’s impact and how you can respond.