This is part 1 of the series about the EU AI Act, its ramifications and how to prepare for it.
The EU AI Act is the world’s first comprehensive AI legislation directly affecting the 27 member countries in the European Union. The primary focus of the EU AI Act is to strengthen regulatory compliance, driving transparency and accountability into how AI systems are developed and deployed. The goal is to trust that the products placed in the market are safe for individuals to use. Key tenants of the Act include risk management, data protection, quality management systems, transparency, human oversight, accuracy, robustness and cyber security.
The EU AI Act aims to meet the challenge to develop and deploy AI responsibly across industries including those that are highly regulated such as healthcare, finance and energy. For industries providing essential services to clients such as insurance, banking and retail, the law requires the use of a fundamental rights impact assessment that details how the use of AI will affect the rights of customers.
The AI Act aims to “strengthen Europe’s position as a global hub of excellence in AI from the lab to the market, ensure that AI in Europe respects set values and rules, and harnesses the potential of AI for industrial use.”
— European Parliament News
Read the full blog.
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