European Commission gains early business support for Artificial Intelligence bill

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Brief description of the dive:

The European Commission Is obtaining early adoption its Artificial Intelligence Act. Over 100 According to last week’s announcement, companies have voluntarily committed to the law ahead of staggered enforcement deadlines.
The signatories of the agreement included corporations from the IT, healthcare, banking and automotive industries European Union Artificial Intelligence Pact. Participating companies commit to implementing an AI governance strategy, mapping high-risk AI systems, and promoting AI literacy.
More than half of the original signatories did so agreed to additional obligationssuch as flagging certain types of AI-generated content and providing human oversight.

Diving Insights:

EU Act on Artificial Intelligence entered into force on August 1. While some provisions are already fully applicable, enforcement deadlines have been spread over a two-year transitional period ending in 2027.

European regulators are working to increase cooperation with stakeholders and ultimately adopt new rules. The open call to gauge interest in the Artificial Intelligence Pact received responses from over 550 organizations in November 2023, according to the Commission.

Accenture, Mastercard, Porsche and Booking.com belong to companies that have committed to complying with the regulations in advance. Artificial intelligence providers incl Google, Microsoft, IBM, OpenAI, Lenovo and SAP they are also part of the early adopter pact.

CIOs are closely monitoring changing regulations regarding artificial intelligence. Some IT leaders think so greater transparency of regulationsBetter compliance monitoring tools and proactive management measures would address enterprise concerns about trust, according to an ABBYY survey released last month.

Executives are also concerned about how the new rules could hurt existing plans.

Leaders fear that compliance may result in adoption delays AND increased costs due to stricter data privacy requirements. Lags in data management best practices are partly to blame, but companies are working to improve standards before more stringent regulations are introduced.

About half According to a KPMG study, enterprises are improving the transparency and fairness of artificial intelligence applications by implementing technical measures. Others are reviewing and updating data practices.

Continued efforts at responsible AI practices can give organizations a head start in preparing to meet compliance requirements.

Unilever has improved Artificial intelligence assurance process for several years, engaging many stakeholders and increasing knowledge about artificial intelligence. Chief Privacy Officer Christine Lee said the consumer goods giant has more work to do but the organization is in a “really good place” in an interview with CIO Dive.