By: Gabriel Dos Reis Estivalet (Solteq)
Artificial Intelligence (AI) has long won the argument about its benefits and its importance for modern-day operations. It can be applied to all sorts of problems, and it has proven to be very good in discovering underlying patterns in data, something that can be difficult for humans. For that matter, it has become ubiquitous nowadays in companies, who rely on it to make their businesses more efficient and to better serve their customers.
However, the unchecked use of AI can present some dangers and unintended societal consequences, ranging from discriminatory behavior towards certain groups of individuals (see here), to high-impact scandals that had a catastrophic financial impact on people and lead the government to resign (see here).
In order to mitigate AI’s inherent risks, the European Union has launched a new initiative to regulate the area. Its risk-based approach aims to increase trust, transparency, and accountability in the use of AI algorithms, ensuring that they are fair and that they meet certain requirements before being put into service. Some key elements of the draft legislation are discussed below.
What does it mean for businesses using AI systems?
The EU’s first-ever framework on artificial intelligence will make accountable not only the developers of such systems, but also the companies using them. Human oversight, transparency, data quality, risk management, and ongoing monitoring are only a few of the requirements that might be needed for an AI system to be put in operation. It is the risk level of the potential application that will determine the specific requirements it needs to meet…
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI