On April 21st, 2021, the European Union (EU) passed the AI Act, a new regulation that aims to regulate the development and use of artificial intelligence in the EU. The regulation is the first of its kind in the world and represents a major milestone in the regulation of AI and its impact on society.
The AI Act aims to balance the benefits of AI with the risks it poses to individuals and society. It seeks to promote the development and deployment of trustworthy AI while ensuring that fundamental rights and values are protected.
The AI Act applies to AI systems that are developed, deployed, or used in the EU, regardless of where the developer or user is located. The regulation defines AI systems as software that can generate outputs that are similar to human cognitive abilities, such as learning, reasoning, and self-correction.
The AI Act distinguishes between high-risk and low-risk AI systems. High-risk AI systems include those used in critical infrastructure, such as transportation and healthcare, as well as those used to carry out legal or administrative procedures. These systems are subject to stricter requirements, such as mandatory risk assessments and human oversight.
Governance and Enforcement
The AI Act establishes a European Artificial Intelligence Board (EAIB), which will be responsible for overseeing the regulation and ensuring its effective implementation. The EAIB will be composed of representatives from the EU member states and the European Commission.
Enforcement of the AI Act will be carried out by national supervisory authorities, which will have the power to impose fines and other penalties on organizations that violate the regulation. The AI Act also provides for the possibility of legal action by individuals who have suffered harm as a result of an AI system.
The AI Act has significant implications for organizations that develop or use AI systems in the EU. They will need to ensure that their systems comply with the regulation’s requirements, including conducting risk assessments and providing transparency and human oversight.
The regulation also has the potential to drive innovation and growth in the AI sector, as organizations that develop trustworthy AI systems will have a competitive advantage in the EU market.
The AI Act represents a significant milestone in the regulation of AI and its impact on society. It seeks to balance the benefits of AI with the risks it poses, promoting the development of trustworthy AI while protecting fundamental rights and values. The regulation has significant implications for organizations that develop or use AI systems in the EU, and compliance with its requirements will be essential for success in the EU market.