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Nearly three years after draft rules were proposed, European Parliament lawmakers approved the AI Act today. The approval, which came a month earlier than expected, is the final endorsement of the first comprehensive regulation around high-risk AI systems, transparency for AI that interacts with humans, and AI systems in regulated products.
The act, which required the final endorsement of the EU Parliament, will now most likely enter into force this May. Italian lawmaker Brando Benifei, an AI Act co-lead, described it as “a historic day” in a press conference.
US companies need to prepare for EU AI Act regulation
The news is important for US companies, say experts, who must make sure they comply with the EU AI Act while still moving forward with AI adoption plans. Steve Chase, vice chair of AI and digital innovation at consultancy KPMG US, said: “The EU AI Act “will have far-reaching implications not only for the European market, but also for the global AI landscape and for U.S. businesses,” adding that “US companies must ensure they have the right guardrails in place to comply with the EU AI Act and forthcoming regulation, without hitting the breaks on the path to value with generative AI.”
Forrester Principal Analyst Enza Iannopollo added: “Like it or not, with this regulation, the EU establishes the ‘de facto’ standard for trustworthy AI, AI risk mitigation, and responsible AI. Every other region can only play catch-up.” The fact that the EU moved the vote forward by a month also shows a recognition of the fast-moving space, she said.
VB Event
The AI Impact Tour – Boston
We’re excited for the next stop on the AI Impact Tour in Boston on March 27th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on best practices for data integrity in 2024 …
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Join leaders in Boston on March 27 for an exclusive night of networking, insights, and conversation. Request an invite here.
Nearly three years after draft rules were proposed, European Parliament lawmakers approved the AI Act today. The approval, which came a month earlier than expected, is the final endorsement of the first comprehensive regulation around high-risk AI systems, transparency for AI that interacts with humans, and AI systems in regulated products.
The act, which required the final endorsement of the EU Parliament, will now most likely enter into force this May. Italian lawmaker Brando Benifei, an AI Act co-lead, described it as “a historic day” in a press conference.
US companies need to prepare for EU AI Act regulation
The news is important for US companies, say experts, who must make sure they comply with the EU AI Act while still moving forward with AI adoption plans. Steve Chase, vice chair of AI and digital innovation at consultancy KPMG US, said: “The EU AI Act “will have far-reaching implications not only for the European market, but also for the global AI landscape and for U.S. businesses,” adding that “US companies must ensure they have the right guardrails in place to comply with the EU AI Act and forthcoming regulation, without hitting the breaks on the path to value with generative AI.”
Forrester Principal Analyst Enza Iannopollo added: “Like it or not, with this regulation, the EU establishes the ‘de facto’ standard for trustworthy AI, AI risk mitigation, and responsible AI. Every other region can only play catch-up.” The fact that the EU moved the vote forward by a month also shows a recognition of the fast-moving space, she said.
VB Event
The AI Impact Tour – Boston
We’re excited for the next stop on the AI Impact Tour in Boston on March 27th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on best practices for data integrity in 2024 …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]