Artificial Intelligence Regulation

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The EU AI Act | U.S. State Laws: Colorado | Utah

AI is rapidly becoming an integral part of how businesses operate.

In 2023, the World Economic Forum predicted that up to 42% of business tasks will be automated by 2027 (Future of Jobs Report).

In 2024, Amazon CEO Andy Jassey credited GenAI with saving roughly “4,500 developer-years of work” and “$260 million in annualized efficiency gains” (Yahoo! Finance). Another 2024 study found that GenAI alone may generate a 7% increase in global GDP (Goldman Sachs).

AI Systems are under scrutiny for the risks they pose to privacy and rights.

As early as January 2023, the EEOC noted that 83% of employers (and 99% of Fortune 500 companies) use AI in hiring processes (EEOC.gov).

But AI tools are still only as “good” as the models they are trained on, and AI providers in the US have already been held responsible for discrimination that their AI systems caused (Seyfarth Shaw). The EU’s AI Act is also primarily concerned with classifying AI systems and models based on the probability that they may pose in privacy violations or discrimination (EU AI Act).

Businesses need to be prepared to use AI responsibly or risk being left behind.

With all of the efficiencies and benefits that AI offers, any business that does not keep up with technology will risk becoming obsolete or too inefficient to compete.

However, legislators all over the world are recognizing the risks associated with AI, and penalties for harm caused by the technology are high, reaching as much as €35 million or 7% of worldwide annual turnover under the EU AI Act. Strategic compliance with this patchwork of laws and regulations will be critical.

Compliance & Ethics in the Age of Artificial Intelligence

The rise of AI offers broad opportunities and the promise of greater efficiency, increased access to information, and innovation across industries; however, this transformative technology also brings new challenges in terms of regulation and ethical considerations.

As AI becomes increasingly integrated into business operations, it's crucial to ensure it is implemented responsibly and ethically. This is where Aetos Data Consulting comes in. We offer expert AI consulting services and ethical AI implementation services to guide you through the complex landscape of AI governance, helping you harness the power of AI while upholding the highest standards of data privacy and ethical practices.

Why AI Compliance Matters

AI no longer exists only in sci-fi, and it is literally evolving daily to become a core component of business operations. But with this integration comes a growing patchwork of regulations and considerations that businesses must navigate. Failing to do so can result in:

  • Harm to Individuals: Systems that perpetuate or amplify discrimination or other harmful practices have real world ramifications for people.

  • Hefty Fines: New laws like the EU AI Act impose significant penalties for non-compliance.

  • Reputational Damage: Unethical AI practices can erode customer trust and harm your brand image.

  • Legal Challenges: AI systems that violate privacy rights or perpetuate bias can lead to costly lawsuits.

  • Missed Opportunities: Uncertainty around AI regulations can hinder innovation and prevent businesses from fully realizing the benefits of AI.

How Aetos Can Help

Aetos Data Consulting’s fractional CPO service empowers businesses to confidently embrace the AI revolution while ensuring responsible and ethical implementation. Our services may include:

  • AI Compliance Audits: We assess your current AI systems and practices to identify potential risks and ensure compliance with relevant regulations.

  • Ethical AI Frameworks: We help you develop and implement ethical AI frameworks that prioritize fairness, transparency, and accountability.

  • Risk Mitigation: We guide you in mitigating risks associated with bias, discrimination, and unintended consequences of AI systems.

  • Policy Development: We assist in creating clear and comprehensive AI policies that align with your business goals and ethical values.

  • Training and Awareness: We educate your team on the latest AI regulations, ethical considerations, and best practices.

Contact us today for a complimentary preliminary assessment to learn more about our AI consulting and ethical AI implementation services. Let's build a future where can AI benefit both businesses and society as a whole.