Adapting Global Business to the EU AI Act
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AI: The Next Transformation

Adapting Global Business to the EU AI Act

21 May 2024 / Report

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The second quarter of 2024 will see the official publication and enforcement of the EU AI Act, encompassing risk-based regulation, product-focused compliance, and well-defined roles for providers and users. Businesses will need to adjust their AI governance and operations to meet these new, specific legal requirements. Compliance with the act is an ongoing commitment and penalties for noncompliance are severe.

Trusted Insights for What's Ahead™ 

  • A risk-based classification. The heart of this legislation is a risk-based regulatory strategy, where AI systems are ranked based on the level of risk they pose. This classification shapes the regulatory requirements for each system. Those with unacceptable risks, such as social scoring and indiscriminate surveillance, are prohibited. High-risk applications, such as in healthcare and legal sectors, require strict transparency and accountability. Companies will need to classify their AI technologies based on this structure to ensure compliance and to responsibly harness AI's benefits, balancing innovation with rights protection.
  • Adopting a product-centric approach. Europe's AI regulatory framework adopts a product-centric approach, treating AI systems like commercial goods that require stringent safety and rights protections. This methodology ensures that AI, despite its intangibility, meets uniform regulations akin to other European directives targeting physical products and data security. For companies, obtaining necessary certifications for high-risk AI products is crucial. Certification mirrors the "Conformité Européenne" or CE marking process to comply with health, safety, and environmental standards and access the EU market effectively.

The second quarter of 2024 will see the official publication and enforcement of the EU AI Act, encompassing risk-based regulation, product-focused compliance, and well-defined roles for providers and users. Businesses will need to adjust their AI governance and operations to meet these new, specific legal requirements. Compliance with the act is an ongoing commitment and penalties for noncompliance are severe.

Trusted Insights for What's Ahead™ 

  • A risk-based classification. The heart of this legislation is a risk-based regulatory strategy, where AI systems are ranked based on the level of risk they pose. This classification shapes the regulatory requirements for each system. Those with unacceptable risks, such as social scoring and indiscriminate surveillance, are prohibited. High-risk applications, such as in healthcare and legal sectors, require strict transparency and accountability. Companies will need to classify their AI technologies based on this structure to ensure compliance and to responsibly harness AI's benefits, balancing innovation with rights protection.
  • Adopting a product-centric approach. Europe's AI regulatory framework adopts a product-centric approach, treating AI systems like commercial goods that require stringent safety and rights protections. This methodology ensures that AI, despite its intangibility, meets uniform regulations akin to other European directives targeting physical products and data security. For companies, obtaining necessary certifications for high-risk AI products is crucial. Certification mirrors the "Conformité Européenne" or CE marking process to comply with health, safety, and environmental standards and access the EU market effectively.
  • Providers and users obligations. The EU AI Act sets clear responsibilities for AI system providers and users, focusing on high-risk applications. Providers must perform risk assessments, uphold strict data governance rules, and ensure transparent communication about AI functionalities. Users are required to follow these guidelines, maintain human oversight, and document AI operations thoroughly. These regulations ensure accountability and protect individual rights and safety in the deployment of AI across Europe.
  • Consequences for business. The EU AI Act sets rigorous standards on high-risk AI from design to deployment, and is likely to extend development timelines due to mandatory risk assessments and stringent data quality requirements. Businesses must ensure transparency, integrate human oversight, and prepare for continuous scrutiny. These requirements will increase reporting demands, transform how AI interacts with customers, an

Author

Claudio Truzzi

Claudio Truzzi Claudio Truzzi

Senior Fellow, ESF Center, Europe
The Conference Board

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