Emerging AI regulations signal non-negotiable
guidelines for businesses, underscoring the need to act proactively
to mitigate bias and ensure return on AI investment
CHAPEL
HILL, N.C., June 26,
2024 /PRNewswire/ -- Vero AI, a
first-of-its-kind analytical engine and scoreboard that helps
enterprises fully harness the potential of advanced technology
including artificial intelligence while minimizing risk, today
released a first-of-its-kind industry-agnostic report, Regulating
the Future: Responsible AI Legislation Trends and Predictions on
key trends in current and emerging artificial intelligence (AI)
legislation. The report emphasizes the need for businesses to stay
abreast of regulatory changes to maintain compliance, foster
responsible AI practices, and routinely conduct assessments to
ensure ongoing adherence to standards.
To help enterprises navigate the evolving landscape of AI and
data privacy regulations, the report shares an extensive review and
analysis of 70 state and federal regulations, dating from
September 2018 to May 2024. Vero AI's in-depth analysis highlights
common themes in both existing and emerging legislation, including
the need for data transparency, documentation of AI safety and
security to ensure fair and unbiased AI use, full disclosure of
model limitations, and user consent revocation.
"With AI's rapid development and adoption, organizations must
understand both its business value and associated risks, especially
as legislation evolves," said Eric
Sydell, PhD., CEO and co-founder, Vero AI. "While some
business leaders worry these guidelines will stifle innovation, our
report shows that most legislation centers on data privacy,
transparency and accountability, and the protection against bias of
specific classes. For companies already practicing responsible AI,
compliance should not be burdensome, and adhering to these
principles will promote user trust and reliability on the road to
deployment success."
It's time for organizations to sharpen their focus on AI
legislation
AI regulations are quickly being introduced
across various states, signaling to U.S. businesses that
accountability for their AI systems is imminent no matter where
they reside. On top of state-level laws, federal initiatives like
the drafted American Privacy Act of 2024 could impact businesses
nationwide. Non-compliance with legislation can lead to hefty fines
and penalties as well as reputational damage. But at the pace that
these laws are changing, it's not enough to comply with existing
laws; businesses need to stay ahead of them.
Navigating the evolving landscape of AI and data privacy
legislation
According to the report, existing legislation is
mainly focused on protecting individuals and users, especially
concerning personal data. The main trends in current AI-related
legislation include:
- Control Over AI Interactions: Legislation emphasizes
empowering individuals with control over their interactions with AI
systems.
- Fairness and Safety: Ensuring AI systems are fair,
non-harmful, and equipped with built-in protections is a
legislative priority.
- Transparency and Access: Organizations must provide
access to detailed system information, ensuring transparency in AI
operations.
- User Data Autonomy: Users should have the power to
decide the fate of their data, with clear consent requirements for
data collection, and it must be purpose-specific and limited to
what is necessary.
- Informed Consent: Obtaining informed user consent is a
fundamental requirement.
Looking at the future AI regulatory landscape, there is
significant overlap between current regulations and those still in
development; however, ensuring model fairness, providing thorough
documentation of system limitations, and communicating clear safety
protocols are expected to become even more critical. Additionally,
providing safeguards against AI-induced harm and bias will be
essential for meeting compliance requirements while also building
trust with users.
To stay ahead in this rapidly evolving regulatory
environment, organizations must:
- Conduct regular impact assessments for bias and data privacy
effectiveness.
- Enhance transparency measures around data collection and model
limitations.
- Maintain detailed documentation on model safety and security
protocols.
- Allow users to revoke consent just as they ask for
consent.
- Ensure fairness and bias-free systems through proactive
mitigation efforts.
As Vero AI's report highlights, the urgency for AI compliance is
undeniable. With over 40 states in the U.S. considering hundreds of
AI regulation bills, businesses must act fast to comply with
existing laws but also proactively prepare for future legislative
requirements. The most effective approach for both is through
continuous testing and monitoring of their systems, guided by
principles that prioritize transparency, accountability, and
responsible standards while ensuring effective implementation.
A full version of Vero AI's Legislative Trends Report can be
found
at http://www.vero-ai.com/resources/regulating-the-future.
About Vero AI
Vero AI's platform is a
first-of-its-kind analytical engine and scoreboard built to help
enterprises fully harness the potential of AI algorithms and tools
while minimizing risk. Through its scientifically derived,
AI-assisted platform and objective framework, The VIOLET Impact
Model, Vero AI ingests information of all types and creates
meaningful, interpretable, reliable scores that allow users to know
whether their existing AI tools, algorithms, or any complex system
is functioning across a range of curated, holistic criteria. Vero
AI sets a new standard for AI optimization and risk mitigation at
scale, empowering enterprises to thrive in an era defined by
technological innovation and disruption. To learn more visit
https://www.vero-ai.com/.
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SOURCE Vero AI