Katie Simmonds🚀 The UK’s pro-innovation approach
The UK’s Communications and Digital Lords Select Committee has launched an inquiry into AI and creative tech, aimed at scaling businesses. This aligns with the UK’s ‘pro-innovation approach’ to regulating AI, aimed at encouraging the progression and advancement of AI in a safe environment.
This inquiry is a golden opportunity for businesses to share the challenges they are currently facing and input into what actions are needed from the UK government over the next 5 years to maximise economic potential.
🤝 International collaboration
The UK, EU and US have all signed up to the first international binding treaty addressing the risks of AI, ‘The Council of Europe Framework Convention on artificial intelligence and human rights, democracy, and the rule of law’.
đź’ˇ California’s AI framework
California has advanced the US’s most significant framework for governing AI systems, which is focussed on the largest AI providers and frontier models.
🔎 UK’s position
We are still waiting for a clear approach from the UK on AI and in some ways we’re falling behind the EU and US. Â However, adopting the pro-innovation approach and participating in the international treaty will have the benefit of enabling the UK to assess and learn from the EU and US approaches.
⏳ Let’s not forget about DORA
There is new EU legislation impacting the digital operations of financial entities and their IT services providers, which is due to take effect in early 2025. The EU’s supervisory authorities for financial services are responsible for drafting regulatory technical standards, for adoption by the European Commission, to supplement the DORA legislation.
We’re expecting a further consultation on these standards later this year, but this will be relevant where financial institutions are using AI to support with incident detection, reporting and general digital resilience efforts.
