Over the last few weeks, regulators and lawmakers around the world have made one thing clear: New laws will soon shape how companies use artificial intelligence (AI). In late March, the five largest federal financial regulators in the United States released a request for information on how banks use AI, signaling that new guidance is coming for the finance sector. Just a few weeks after that, the U.S. Federal Trade Commission (FTC) released an uncharacteristically bold set of guidelines on “truth, fairness, and equity” in AI — defining unfairness, and therefore the illegal use of AI, broadly as any act that “causes more harm than good.”
New AI Regulations Are Coming. Is Your Organization Ready?
Three important trends are emerging in the U.S. and EU.
April 30, 2021
Paul Taylor/Gettty Images
Summary.
In recent weeks, government bodies — including U.S. financial regulators, the U.S. Federal Trade Commission, and the European Commission — have announced guidelines or proposals for regulating artificial intelligence. Clearly, the regulation of AI is rapidly evolving. But rather than wait for more clarity on what laws and regulations will be implemented, companies can take actions now to prepare. That’s because there are three trends emerging from governments’ recent moves.