Understanding the EU AI Act – A guide to the world’s first comprehensive AI regulation

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In recent years, artificial intelligence (AI) systems have become increasingly common in both business and daily life – with many people not even fully aware that AI is changing the way they go about their day.  From virtual assistants to online shopping to driving to streamlining production processes, AI is powering so much of what we do.

In December 2023, the EU’s three branches – the European Parliament, the Council of the EU and the European Commission – reached a provisional agreement on the EU’s proposed Artificial Intelligence Act (AI Act). Once it passes – it hasn’t been fully approved yet – it will be the world’s first comprehensive legislation on AI and could set a standard for laws enacted in other parts of the world. 

The EU’s AI Act will prevent operators from certain uses of the technology and will require transparency on its use. While countries worldwide are taking legislative action to try and rein in AI, the EU’s AI Act will likely be a game changer. Similar to the way that the EU set a high standard for data protection with the General Data Protection Regulation (GDPR), which said anyone who wants to do business in the EU must respect EU laws, the impact of the AI Act will likely be as strong and will inspire a host of similar regulations throughout the world. Any company with an AI system in the EU market or an AI system that impacts people in the EU will need to be compliant with the regulation. 

Of course, it is unclear how AI will evolve. We are just beginning to see what this technology can do. But with this regulation it is clear that the EU is serious about the technology and wants to protect users’ fundamental rights and freedoms. After a final deal is reached on the AI Act, it will come into force by 2025. Its widespread impact means that companies need to start understanding now what will be expected of them. And that is why we created this guide. It will help you understand what the EU AI Act is, how that will affect the global response to regulating AI and, most significantly, it will clarify what impact all this will have on your company.

Source link: https://vinciworks.com/blog/understanding-the-eu-ai-act/ by VinciWorks at vinciworks.com