EU AI law means global companies must strengthen their ethical AI strategies

The European Union’s groundbreaking AI law sets a precedent for the regulation of artificial intelligence (AI), introducing strict requirements for developers and deployers. With the passage of this landmark legislation, establishing ethical AI strategies for business becomes an urgent imperative for multinational corporations operating within the bloc. Global data.

Rena Bhattacharyya, Chief Analyst and Practice Head, Enterprise Technologies and Services at GlobalData, said: “With the adoption of the EU AI Act, staying on top of issues related to AI and Ethics will become increasingly important for multinational organizations.

Adopted by the European Parliament on March 13, the legislation aims to make organizations more accountable for their use of AI. It categorizes use cases by risk, stipulates greater oversight of the riskiest AI use cases, bans certain use cases outright and requires increased transparency on the use of the technology, in addition to many other requirements.

Bhattacharyya continues: “While these new obligations provide much-needed protection for consumers, they create increased complexity for businesses already struggling to expand their use of AI. »

To meet the requirements set out by European AI law, organizations operating in Europe must begin to develop a strategy to improve the documentation and monitoring of AI technology.

Bhattacharyya concludes: “Staying abreast of issues related to AI and ethics is going to become increasingly important. Additionally, goals will likely change across borders and over time. And while the industry has long talked about the lack of AI experts in data science, there will now be a need for people who can help organizations adapt their business processes to meet the changing ethical demands of AI.