3#9 - The EU AI Act - Balancing AI Risks and Innovation (Eng)

MetaDAMA - Data Management in the Nordics

«Companies are already wanting to position themselves ahead of the legislation, because they see the value of actually adaption best practices early on and not waiting for enforcement.»
Prepare to dive into the risk-based approach of legislation for artificial intelligence with the insights of Laiz Batista Tellefsen from PwC Norway, who brings her expertise in AI from a legal perspective to our latest episode. We tackle the imminent European Union's AI Act with its sophisticated risk-based approach, dissecting how AI systems are categorized by the risks they pose.
Norwegian companies, listen up: the AI Act is on its way, and it's time to strategize. We discuss the necessary steps your business should consider to stay ahead of the curve, from embracing AI literacy to reinforcing data privacy. Laiz and I dissect the balance between innovation and risk management, and we shed light on how cultivating a culture of forward-thinking can ensure safety doesn't come at the cost of progress. This segment is a must for businesses aiming to turn compliance into a competitive edge.
Zooming out to the broader scope of AI governance, we offer advice for maintaining the delicate dance between compliance and cultivating innovation. Discover the vital guardrails for capitalizing on AI's potential while readying for the unknown risks ahead. We peel back the layers of the AI Act's impact on the legal sector, unearthing the nuances of intellectual property rights and data transfer laws that could reshape your organization's approach to AI. Join us for a conversation that promises to leave you not only prepared for the AI Act but poised to thrive in an AI-centric future.
Here are my key takeaways:

• Looking at AI from a risk perspective is the right way to tackle the challenges within.
• Risk based approach makes sure that development is not freezed.
• Our job as experts in the field is to demystify compliance within the use of AI systems.
• Find the right balance between compliance and innovation, by assessing potential risks.
• "The AI Act is part of the European Digital Strategy and is the first comprehensive legal framework for AI in the entire world.»
• CE marking forces you to have constant monitoring and compliance of the system, as well as registration in a register.
• Have a holistic approach to AI: How does it fit in the wider setting of my company, both from a data, business and cultural perspective?
• There are big differences in companies maturity to operationalizing AI for value creation.
• The focus on risk and safety does not correlate to the need for speed in AI adoption.
• It’s not about starting from scratch, but about understanding the actual use-cases and needs.
• The AI Act can foster innovation, because you know what your framework is.
• "Make sure that the date you are using reflects the diversity and the reality of the people and situations that the AI system will encounter."
• Observe and control data quality and distribution continuously.

What to consider now:

• Make sure the company has very good control of known risks, like privacy.
• Make data risk awareness part of your culture.
• Understand roles and responsibilities in our organization towards data risks.
• Have your policies updated.
• Ensure your stakeholders are well trained.