Manish Shivanandhan
Technical operations manager and cybersecurity enthusiast
The age of Artificial Intelligence (AI) isn’t looming on the horizon: it’s here.
With the transformational change it brings to industries, societies, and individuals, the race is on to develop a robust framework of regulations and guidelines.
Just as businesses must comply with employment, environmental, or financial rules, they will have to ensure that their AI-driven processes, tools, and systems are on the right side of the law.
How AI is transforming the world
AI is an unprecedented force for change. From healthcare, where it aids in diagnosis and treatment plans, to finance, where it predicts market fluctuations and suggests investment strategies, the world is experiencing AI’s transformative touch.
The automation and intelligence it offers have the potential to increase efficiency, reduce costs, and provide new innovative products and solutions that were previously deemed impossible.
The need for AI compliance
The electricity that powers our hospitals and lights up homes can also cause harm if not managed responsibly. Similarly, AI, in all its potential, can be wielded for both beneficial and malicious purposes if not kept in check.
There are concerns about privacy breaches, biased algorithms leading to unfair outcomes, and AI’s potential misuse in critical sectors like defence and public health.
As businesses tap into AI’s potential, there is an ethical and legal imperative to ensure that its deployment doesn’t harm individuals or societies.
Varying approaches to AI regulation
Governments have a handful of approaches when considering how they will develop guidelines for AI development.
President Biden’s Executive Order aims to provide a framework for AI’s safe and equitable use based on traditional laws, like the US Defence Production Act. Some experts believe this might stifle AI’s progress, however.
Such laws were not crafted with the intricacies and complexities of AI in mind. Over-regulation or misapplied regulation can also hinder innovation, making it essential for lawmakers to strike a delicate balance.
Other approaches include developing an entirely new set of standards and approaching the matter from a risk-based perspective, which is the direction the European Union has taken. Businesses active in high-risk industries will face greater transparency requirements around their AI products and services, with obligations to inform regulators of how algorithms are trained.
5 ways to ensure your business stays compliant with AI regulations
Navigating the emerging maze of AI regulations can be daunting, but for businesses intent on using the technology, it will become crucial to success. Here are some steps to ensure compliance:
1. Stay informed
Laws and regulations surrounding AI are rapidly evolving. Businesses must make an effort to keep up with the latest legal updates in their industry and region. With Automated Regulatory Intelligence, every single regulatory change relevant to your organisation can be proactively tracked, ensuring that compliance teams are always one step ahead.
2. Internal audits and reviews
Regularly audit your AI systems. Check for any biases, ensure data privacy, and make sure they align with the latest guidelines. Regulatory technology solutions such as CUBE can provide firms with the right tools to identify risks and overcome these holes.
3. Transparency
Make your AI processes transparent. This not only builds trust with consumers but can also ensure that you’re following best practices.
4. Collaborate with experts
Consider hiring or collaborating with AI ethics and compliance experts as they can provide guidance tailored to your business needs.
5. Engage in training
Provide your team with training on AI ethics and compliance because a well-informed team is your best defence against inadvertent breaches.
CUBE comment
The transformative power of AI is undeniable, but as businesses continue to harness AI they must also ensure they do so ethically and legally.
CUBE’s AI-driven compliance solutions can be tailored to your specific needs, intelligently identifying regulatory obligations, mapping these to internal policies, and unlocking operational efficiencies.
By staying informed, being proactive, and seeking expert advice, businesses can not only stay on the right side of the law but also build trust and goodwill with their stakeholders.
In a world where AI is as ubiquitous as electricity, responsible and compliant use will light the way forward.