Artificial intelligence (AI) is increasingly used in various fields, from healthcare to finance. However, with the rise of AI comes new challenges and risks that must be addressed. To this end, the European Union (EU) has developed a new regulation to ensure AI's ethical and trustworthy use. This article will provide an overview of the EU's new AI regulation and what it means for businesses.
Overview of the EU's New AI Regulation
The EU's new AI regulation, which was proposed in April 2021, aims to establish a legal framework that promotes the development and use of AI while ensuring that it is used in a way that is safe and respects fundamental rights. The regulation is part of the EU's broader strategy on AI, which aims to strengthen Europe's technological and industrial capacity and ensure that AI is used in a way that benefits society as a whole.
Scope of the Regulation
The regulation will apply to AI developers and users, covering a wide range of AI systems, including those used in products and services provided to consumers. The regulation will also apply to AI systems used by public authorities and law enforcement agencies.
Key Requirements of the Regulation
The regulation will impose several requirements on AI developers and users, including:
Prohibited Practices: The regulation will prohibit specific uses of AI, including those that threaten public safety or undermine human dignity.
High-Risk AI Systems: The regulation will require that high-risk AI systems undergo a rigorous risk assessment before deployment. High-risk AI systems are those that are used in critical areas, such as healthcare and transport.
Transparency and Traceability: The regulation will require that AI systems be transparent so users understand how the system works and how it makes decisions. It will also require that AI systems be traceable so that authorities can identify the persons or entities responsible for their development and use.
Data Governance and Quality: The regulation will require that AI systems be developed using high-quality data and keep data up-to-date and accurate. It will also require that AI systems be developed using secure and reliable data management practices.
Human Oversight and Control: The regulation will require that AI systems be subject to human oversight and control so that individuals can intervene and correct errors or unintended consequences.
Implications for Businesses
The new AI regulation will have significant implications for businesses that use AI systems. Companies will need to ensure that their AI systems comply with the regulation's requirements, including those related to risk assessment, transparency, and traceability. They will also need to ensure that their data governance and quality practices are up-to-date and meet the regulation's standards.
At Prokopiev Law Group, we understand the complex legal landscape surrounding AI regulation, and we can help businesses navigate emerging legal requirements to ensure that they comply with numerous regulations. Our experienced attorneys can guide risk assessment, data governance, and human oversight and assist in developing compliance programs tailored to your business's specific needs. Contact us today to learn more about how we can help you navigate the emerging legal landscape of AI regulation.
DISCLAIMER: The information provided is not legal, tax, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. The information provided is for general educational purposes only and is not investment advice. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information. A professional should review any action based on the information discussed. The author is not liable for any loss from acting on the information discussed.
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