legislation that puts AI boom over AI [Music] Doom in 2024 the European Parliament passed one of the world's first comprehensive AI regulations the EU AI act while AI can improve productivity there's also cause for concern and world leaders have begun to combat dangerous and unethical AI uses here we'll outline the EU AI act and it's implications for all AI related developments and use cases visit our dedicated Enterprise AI site at the link above or in the description below and remember to subscribe for all things business Tech according to the European Parliament the AI act sets
out to boost AI Innovation while protecting democracy the rule of law and the environment from high AI risk it divides AI applications into four risk categories minimal risk limited risk high risk and unacceptable risk with the latter two being the main focus of Regulation an example of minimum risk would be spam filters needing no additional precautions from software developers limited risk would be chat Bots for instance where developers should disclose that users are interacting with AI high risk includes applications that can negatively affect safety like an AI powered car medical devices and even toys according
to the law any AI application labeled high risk requires third-party safety assessments before being put on the market and continuously after unacceptable risk includes applications that actively threaten Public Safety and privacy like social scoring and real-time biometric identification systems these applications will be banned with some exceptions for law enforcement so what does this mean for businesses keep in mind that these standards apply not only to businesses within the EU but to any business with AI technology affecting EU citizens similar to how gdpr operates the AI act gives businesses 6 months to phase out any unacceptable
risk AI applications and 24 months to phase out high-risk AI applications it's recommended that businesses develop compliance teams to oversee this process in addition to assessing risk the EU a a act also gives consumers rights to launch complaints about AI systems finds businesses that fail to comply with regulations and establishes transparency requirements for AI systems since this is the first major AI legislation in the world it will likely influence other Count's regulatory Frameworks do you think the EU AI act will effectively reduce AI risk how do you think other countries will approach this question share
your thoughts in the comments and remember to like And subscribe for for all things business Tech
