The excitement and enthusiasm surrounding artificial intelligence (AI) has resulted in technology outpacing regulation. Some federal initiatives have been put forward in markets such as China, Europe, and the US, supported by industry frameworks like National Institute of Standards and Technology’s AI Risk Management Framework and the Organisation for Economic Co-operation and Development’s Framework for the Classification of Artificial Intelligence Systems. But, on the whole, existing AI legislation remains limited.
Europe is nearing agreement on one of the more significant proposals, the EU AI Act, which could set a template for other regions. In December 2023, the EU Parliament and Council reached a provisional agreement on the potentially landmark legislation, which aims to provide a framework for the development, deployment and use of AI systems within the bloc. “The AI Act is extremely useful and fulfils a major role in making sure that companies remain fair and ethical in the way they use AI,” says Pedro Pacheco, a Vice President of Research in Gartner’s CIO Research Group.
