EU nears first legal framework on artificial intelligence

Published on November 5, 2023

The European Union (EU) is on the brink of establishing its inaugural legal framework concerning Artificial Intelligence (AI). Expected to be finalized by December, this framework, originally proposed by the Commission in 2021, adopts a risk-based strategy. It outlines mandates in line with the risks AI systems pose to users. AI systems deemed to have an "unacceptable risk", such as those employing covert techniques, will be prohibited. Meanwhile, "high-risk" systems, like credit scoring, will face rigorous obligations. This regulatory shift is anticipated to particularly influence the financial sector, which is heavily reliant on AI-driven processes. The regulation distinguishes AI systems based on the risks they present as "unacceptable risk", "high-risk", and "limited-risk". High-risk AI systems will have stringent requirements, from data governance to transparency and human oversight.

Read More: https://cyprus-mail.com/2023/11/05/eu-nears-first-legal-framework-on-artificial-intelligence/

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