In anticipation of the AI Safety Summit 2023, the Law Society of England and Wales has put forth recommendations regarding the regulation of artificial intelligence (AI) for the government’s consideration. These recommendations, offered in response to the government’s white paper on AI regulation, encompass various facets of AI governance, including:
- Recognizing and Leveraging Legal Expertise: The legal profession’s expertise should be acknowledged and utilized within the AI regulatory framework.
- Protection of Legal Professional Privilege: Future AI regulation should safeguard legal professional privilege.
- A Balanced Regulatory Approach: The UK government is advised to adopt a balanced approach to AI regulation, aiming to protect societal interests without hindering technological advancement.
- Defining Unacceptable AI Use: Legislation should delineate scenarios in which AI usage is deemed unacceptable or inappropriately applied for zero-sum decisions.
- Clear Definition of ‘Meaningful Human Intervention’: The UK government should establish a clear definition of ‘meaningful human intervention’ in AI.
- Appointment of AI Officers: Organizations should appoint AI Officers as required.
- Mandatory Transparency and Due Diligence: Transparency is deemed mandatory for the use of AI in government and public services, coupled with the implementation of a due diligence system to enhance public trust.
Law Society president Nick Emmerson emphasized the vital role played by the legal profession in shaping the future of AI regulation. Acknowledging AI’s potential to transform lives, bolster the economy, and increase access to justice, he stressed the need for greater clarity in legislation, procurement practices, and sector-specific discrepancies to allow the legal profession to harness AI technologies effectively.
Moreover, a recent study conducted by Moody’s Analytics unveiled the widespread eagerness for AI adoption in compliance, accompanied by substantial barriers impeding progress. These barriers encompass poor internal data quality, regulatory uncertainty, and a knowledge gap in specialized AI fields.
Key findings of the study, which involved a survey of over 550 senior compliance and risk management professionals from 67 countries, include:
- AI applications are predominantly focused on data analysis and interpretation (63%), risk management (53%), and fraud detection (51%).
- Approximately 83% of respondents anticipate extensive AI adoption in risk and compliance over the next one to five years.
- 79% of professionals emphasize the significance of new legislation to govern AI usage in compliance.
- 66% of participants seek enhanced clarity regarding existing AI-related regulations in risk and compliance.
Keith Berry, General Manager of Know Your Customer Solutions at Moody’s Analytics, emphasized the transformative potential of AI in compliance. While progress has been made in AI adoption for process efficiencies, compliance teams are yet to harness the full spectrum of AI capabilities, including advanced data analytics, accurate predictions, and scalable data.
These insights underscore the dynamic landscape of AI regulation and compliance, with professionals recognizing the technology’s promise and the need for effective governance in this rapidly evolving field.
Stay informed on supply chain news at The Supply Chain Report. Free international trade tools are at ADAMftd.com.
#AISafetySummit2023 #AISafety #AIRegulation #LawSocietyRecommendations #LegalTech #AIGovernance #MoodyAnalyticsStudy #ComplianceAI #RiskManagementAI #LegalProfessionAI #AITransparency #EthicalAI #FutureOfAI #DataQuality #TransparencyInAI #LegalTechAdvancements #AICompliance #ArtificialIntelligenceRegulation #AIInGovernment #TechForGood #PublicTrustAI
