The European Union’s Artificial Intelligence Act — explained
Article by WEF
📰 News in AI Regulations 🤖
The European Union is taking bold steps in shaping the landscape of AI development and utilization through the proposed Artificial Intelligence Act. 🇪🇺
The legislation is designed to enhance transparency, accountability, and ethical practices across various sectors, from healthcare 🩺 to finance. 👨💼📊 Notable recent amendments include bans on AI in biometric surveillance and requirements for AI systems like ChatGPT to disclose AI-generated content.
The AI Act introduces an intricate risk classification system, comprising four distinct tiers: unacceptable, high, limited, and minimal risk. 📈 Systems with limited and minimal risk have fewer requirements, while high-risk AI, such as autonomous vehicles and medical devices, must adhere to rigorous testing, data quality documentation, and human oversight.
As the European Union aspires to cement its status as a global AI hub, it is worth noting that certain European businesses have voiced concerns regarding potential impacts on competitiveness. 📉 Nevertheless, the stakes for non-compliance are substantial, with fines that could soar up to €30 million or 6% of global income.
For further exploration on the AI Act, we invite you to read the full article on the World Economic Forum’s website: https://www.weforum.org/agenda/2023/06/european-union-ai-act-explained/
Stay tuned as the European Union charts the course for responsible AI development and innovation on a global scale.
🌐 Be sure to join us in September at the #IntelligentEnterpriseInstitute, where we will delve into the realm of #GenerativeAI.
📩 Subscribe to #EnvisionBeyond and stay tuned for more content https://lnkd.in/e9GWKzWR
#ArtificialIntelligence #TechRegulations #Innovation #sap
