The Top 10 Takeaways For Compliance, Risk Management, and HR Professionals:
1. US Regulation Complexity: When it comes to compliance, the US is expected to have a patchwork of AI regulations across states, making it complex for businesses to navigate.
2. NIST AI Risk Management Framework: The National Institute of Standards of Technology (NIST) has introduced a framework that states and companies can reference for standards and governance practices in AI. It will be important to keep an eye on these standards as both vendors and purchasers of AI technology.
3. Federal and State Collaboration: The US will likely see collaboration between federal-level guardrails and specific state laws in the regulation of AI but the timelines are unclear.
4. Global Regulation Landscape: Beyond the US, companies will need to navigate AI regulations from different countries and municipalities, further adding to the complexity.
5. Companies Disabling AI: Guru and his team have notices that as a short-term response to the intricate legal landscape, some companies are opting to turn off their AI systems in specific regions. This creates tension as companies are paying for services they aren’t comfortable using in specific markets.
6. Lobbying and Big Tech Influence: Lobbying will likely play a significant role in shaping AI regulations, with major tech players like Google and Microsoft at the forefront.
7. Market Regulation: Alongside governmental laws, there will also be a form of market regulation. This is similar to how SOC 2 compliance operates, ensuring customer data handling even though it isn’t a regulation by law.
8. Future Standards: Predictions indicate that prevalent standards will emerge to help companies navigate AI law, simplifying compliance processes.
9. Rapid Technological Evolution: The pace at which AI technology is advancing is rapid, influencing how regulations are formed and how businesses need to adapt.
10. Education and Advocacy: Companies like FairNow are not just offering technological solutions but are also playing a significant role in educating businesses on navigating the AI regulatory landscape.