A report by Ernst & Young (EY), one of the Big Four accounting firms, on the global AI regulatory landscape is receiving renewed attention. This comes after President Biden signed an executive order that aims to regulate the risks of artificial intelligence while harnessing its potential. The EY report, titled “The Artificial Intelligence (AI) global regulatory landscape: Policy trends and considerations to build confidence in AI,” provides policymakers and businesses with a roadmap to navigate the complex world of AI regulation.
Shared Objectives and Approaches
The EY report analyzes eight major jurisdictions: Canada, China, the European Union, Japan, Korea, Singapore, the United Kingdom, and the United States. Despite their cultural and regulatory differences, these jurisdictions share common goals and approaches when it comes to AI governance. They all strive to minimize potential harms while maximizing the benefits to society. Furthermore, they align with the OECD AI principles endorsed by the G20, which emphasize human rights, transparency, risk management, and ethical considerations.
Divergences and Challenges
The report highlights divergences and challenges within the global AI regulatory environment. The European Union has taken a proactive stance globally, proposing a comprehensive AI Act that imposes mandatory requirements for high-risk AI uses. China also demonstrates a willingness to regulate core aspects of AI, such as content recommendation and facial recognition. On the other hand, the United States has adopted a more light-touch approach, focusing on voluntary industry guidance and sector-specific rules.
However, the report acknowledges that its analysis of U.S. AI regulation is now outdated due to President Biden’s executive order. This executive order is considered the most significant action on AI taken by any government. It goes beyond voluntary guidance and mandates developers to share safety test results with the government and notify the government if their AI models pose national security, economic, or health risks.
The Evolving Landscape
Since the publication of the EY report, significant developments have occurred that shape the global AI regulatory landscape. For instance, the UK Government published an AI White Paper outlining its proposed framework for AI regulation. This framework, based on principles of proportionality, accountability, transparency, and ethics, aligns with the EU’s approach.
It is clear that the global AI regulatory landscape is dynamic and rapidly evolving. Policymakers and businesses must stay updated and engaged with the latest trends and best practices. The EY report remains a valuable resource, providing insights into AI regulation. However, as new rules and initiatives emerge, it may need to be supplemented with additional information.
“The global AI regulatory landscape is dynamic and rapidly evolving. Policymakers and businesses need to stay updated and engaged with the latest trends and best practices.” – Ernst & Young
By highlighting trends and best practices, the EY report concludes with a call for ongoing engagement among government officials, corporate executives, and stakeholders. It emphasizes the importance of striking the right balance between regulation and innovation. Ultimately, the report provides a roadmap to understand the ever-changing AI regulatory landscape and emphasizes the need for dialogue to close the AI confidence gap and unlock the full potential of AI.
If you want to navigate the complex ethical challenges surrounding AI and understand the dynamic AI policy landscape on a global scale, the EY report is a must-read.
