The EU’s AI Act and How Companies Can Achieve Compliance
What your board, C-suite, and executives wish to realize now.
February 22, 2024
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The EU’s approaching near AI Act imposes requirements on corporations designing and/or utilizing AI within the European Union, and backs it up with stiff penalties. Corporations wish to study the effect they can furthermore fail to be compliant and then operationalize or put in force the requisite steps to close the gaps in one device that reflects internal alignment. For most corporations, that won’t be clear-cut. The article lays out what boards, C-suites, and executives wish to realize to develop this activity work and be definite their corporations will likely be compliant when laws comes into force.
Earlier this month, member states of the European Union unanimously voted in favor of the AI Act, paving the device for its legitimate passage in March or April of this year. Put simply, the Act is comparable to Europe’s Overall Files Safety Law (GDPR), passed in 2016, but for artificial intelligence. The laws imposes requirements on corporations designing and/or utilizing AI within the European Union, and backs it up with stiff penalties. Most violations of the act will price corporations €15 million or 3% of annual world turnover, but can hunch as high as €35 million or 7% of annual world turnover for violations linked to AI methods that the act prohibits (e.g., utilizing AI-enabled manipulative ways, or utilizing biometric records to infer private records).
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Reid Blackman, PhD is the creator of Moral Machines (Harvard Trade Evaluation Press, 2022). Because the founder and CEO of Advantage, an AI ethical chance consultancy, he and his team work with corporations to fetch, put in force, scale, and preserve AI ethical and regulatory chance packages. His work has been profiled by The Wall Facet road Journal, the BBC, CNN, Fox Files, and Forbes. Reid also advises the authorities of Canada on their federal AI rules, has been a senior adviser to the Deloitte AI Institute, and served on Ernst & Younger’s AI Advisory Board.
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Ingrid Vasiliu-Feltes, MD, MBA has served as Chief Compliance Officer and Chief Quality and Safety Officer in extremely regulated industries. She has intensive ride in operationalizing complex regulatory frameworks, as properly as designing effective Quality Assurance and Quality Enchancment Programs. As a Senior Consultant at Advantage, she makes a speciality of executing complex, noteworthy scale methods integration initiatives and designing suppose of the artwork custom-made digital ethics KPIs and metrics.
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