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Build an AI inventory to gain visibility of your AI ecosystem at all life-cycle stages and map their capabilities
Map risks across 5 key verticals and classify each system’s inherent risk as low, medium, or high
Implement customized mitigation strategies based on the individual system’s risk profile, technology, and use case to reduce residual risk
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The EU AI Act applies to providers, importers, distributors, and users of AI systems placed on the market or put into service in the EU. Some AI systems and use cases, such as military AI systems or the use of AI systems for purely personal purposes are exempt.
Fines up to €35M or 7% of global annual turnover for breaches, subject to changes depending on the nature of the non-compliance and the size of the respective entity, have been outlined in the latest political agreement although these amounts are not yet finalized.
AI brings benefits but also new challenges. Scandals have revealed that such as bias can have a real-world impact, and the question of whether there is a need to interfere to balance innovation and protection of fundamental rights has been raised. The European Commission, in order to strike that balance and prevent the emergence of divergence national regulations that may disrupt the efficiency in the EU single market, initiated the legislative procedure to adopt the EU AI Act.
Enterprises should proactively establish AI risk management frameworks to mitigate legal, reputational, and financial damage from non-compliance. The rules and principles embodied in the Act as well as standards prepared according to it are likely to emerge as the industry standard. Hence, enterprises aiming at getting ahead and having competitive advantage should consider following the developmentssurrounding the EU AI Act and get involved with the voluntary commitment schemes to be introduced during the implementation period of the Act.
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