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EU AI Act means global enterprises need to strengthen corporate ethical AI strategies, says GlobalData

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The European Union’s groundbreaking AI Act sets a precedent in regulating artificial intelligence (AI), introducing stringent requirements for developers and deployers. With the adoption of the landmark legislation, establishing corporate ethical AI strategies becomes an urgent imperative for multinational corporations operating within the bloc., says GlobalData, a leading data and analysis company.

Rena Bhattacharyya, Chief Analyst and Practice Lead, Enterprise Technology and Services at GlobalData, says: “With the passing of the EU AI Act, staying on top of issues related to AI and ethics is going to become increasingly important to multinational organizations.”

Adopted by the European Parliament on 13 March, the legislation strives to hold organizations more accountable for their use of AI. It categorizes use cases by risk, stipulates greater oversight of riskier AI use cases, bans certain use cases outright, and requires increased transparency over the use the technology, in addition to many other requirements.

Bhattacharyya continues: “While these new obligations provide much-needed consumer protections, they create increased complexity for enterprises already struggling to scale their use of AI.”

To meet the requirements outlined by the EU AI Act, organizations operating in Europe must start devising a strategy to enhance documentation and oversight of AI technology.

Bhattacharyya concludes: “Staying on top of issues related to AI and ethics is going to become increasingly important. Furthermore, goalposts will likely change when looking across borders and with the passage of time. And while the industry has long talked about the lack of AI experts in data science, there will now be a need for individuals that can help organizations adapt business processes to meet evolving ethical AI requirements.”

Read next: More than half of businesses plan to adopt AI within the next two years

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