AI is rapidly transforming our world and being adopted across a wide range of industries, from healthcare to transportation to finance. It’s estimated that the global AI market will reach $190 billion by 2025, with the number of AI-related jobs set to grow exponentially.
The growth and prevalence of AI has also raised a number of emerging issues, such as the potential for it to be used discriminatorily, the risk of AI systems being hacked or misused, and the lack of transparency and accountability in AI systems.
As a result, the EU is taking a leading role in regulating AI. In 2021, the European Commission proposed the AI Act, which will be the first comprehensive piece of legislation on AI in the world. Fladgate’s AI team spoke to Financier Worldwide about the potential impact of the Act, sharing some useful insights with regards to the scope of the Act and the compliance obligations it will likely trigger for companies using and developing AI systems.
This exclusive feature also delves into how the proposed legislation has been received so far and its likely impact on the approach to be taken by other key global players like the UK and US. Our experts also share their perspectives on what this will mean for employment – particularly what employers should be alive to when deploying AI in their recruitment and employee surveillance processes – as well as the additional regulations financial services companies need to adhere to, aside from the incoming Act.
To read the full article, download below.
This article first appeared in the October 2023 issue of Financier Worldwide Magazine.
Magazine: https://www.financierworldwide.com/october-2023-issue
