Are You Ready for the EU Artificial Intelligence Act?
In March, the European Parliament approved the Artificial Intelligence Act which ensures safety and compliance with fundamental rights, while boosting innovation. So, what is it all about? What do you need to know? Here are four key things you should know about it:
1. Risk-Based Approach: The GenAI Act adopts a risk-based approach, categorizing AI systems based on their potential impact on rights and safety. 'Unacceptable risk' systems are banned, 'high-risk' systems are subject to stringent requirements, and 'low or minimal risk' systems have less stringent obligations.
2. Strict Requirements for High-Risk AI: High-risk AI systems must meet strict requirements before they can be put on the market. These include quality of datasets, documentation, transparency, provision of clear instructions, and post-market monitoring.
3. Transparency Obligations: The Act emphasizes transparency, requiring operators to disclose the use of AI in certain cases. For example, users should be able to know when they are interacting with an AI system.
4. Establishment of Regulatory Bodies: The Act provides for the establishment of a European Artificial Intelligence Board and national supervisory authorities. These bodies will oversee the implementation of the Act.
As business leaders, we are responsible for ensuring that our companies' use of AI complies with the General Artificial Intelligence Act, including meeting the risk-based requirements, maintaining transparency, and subjecting high-risk AI systems to stringent checks before deployment. Additionally, we should establish processes for regular monitoring and updates of AI systems to ensure ongoing compliance with the Act's provisions.
Are you prepared? What do you see as the most important questions to ask for implementing AI governance?
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