The European Union’s proposed Artificial Intelligence Act aims to regulate AI systems, ensuring they are safe and respect existing laws and values. High-risk AI systems, such as biometric identification and critical infrastructure, will face stringent requirements, including transparency, human oversight, and robustness. Non-compliance could result in fines up to 6% of global annual turnover. The Act also proposes a European Artificial Intelligence Board to oversee its implementation.
While the Act aims to eliminate risks, it could also stifle innovation. The costs and complexities of compliance may deter start-ups and small businesses from developing AI systems. Furthermore, the Act’s broad definition of AI could encompass many digital services, leading to over-regulation.
The Act’s impact on non-EU countries is also significant. Non-EU companies offering AI services in the EU will have to comply with the Act. Additionally, the Act could influence global AI regulation, as other countries often follow EU’s legislative lead.
The Act is currently a proposal and will undergo a legislative process, including discussions and amendments, before becoming law. It’s crucial for IT leaders to monitor its progress, understand its implications, and prepare for potential compliance.
Go to source article: https://www.cio.com/article/2096040/what-it-leaders-need-to-know-about-the-eu-ai-act.html