The growing role of artificial intelligence (AI) in our lives means that increased regulation of this technology is inevitable. In the United States, AI has not been subject to specific legislation or clear standards up until this point. The lack of regulation has been a major barrier to the development of desirable ethical AI models and beneficial applications.
But the days of unregulated AI development may soon be over, as the European Union is close to finalizing its AI Act. The Act’s primary goal is to provide a cohesive set of standards and regulations to shape the responsible use of AI.
The AI Act includes rigorous rules regarding how AI models are developed, deployed, and monitored. It’s clear that the EU is taking a measured, consistent approach to establishing guidelines for AI development across the European Union. Its goal is to ensure that AI models can be designed in line with ethical principles, promote generalized trust, and ultimately lead to societal benefit.
Unfortunately, much of the AI development in the US is still taking place with little oversight. How exactly US regulators will respond to the EU’s AI Act remains to be seen.
No matter what happens, one thing is clear: The regulation of AI development is coming. Businesses should begin ensuring that their AI models are compliant with any potential regulatory requirements that come down the road. Companies should also take a look at the EU’s AI Act and use it as a blueprint to prioritize ethical development and responsible AI deployment. This will not only help companies stay compliant with any future regulations, but also help them stand out in the increasingly competitive AI market.