The Act, which establishes a common regulatory framework for AI, will be brought into operation incrementally in the next six to 36 months. Its provisions are wide-ranging, for example, people will need to be notified when they are interacting with a chatbot, AI systems must be transparent, traceable, non-discriminatory and their use overseen by a human being.
Charlie Bromley-Griffiths, corporate counsel at revenue management company Conga, said: ‘From a compliance perspective, businesses need to move fast. Indeed, many organisations still need to educate AI and train these systems, but this is very much reliant on their own internal data architecture.’
Keith Fenner, senior vice president at Diligent, a governance software provider, said: ‘The onus is on British and Irish businesses to prepare for compliance.
‘Failure to do so can lead to the potential for hefty fines—up to €35m or 7% of global turnover for breaches.’
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