The European Union’s AI Act was approved by the Council of the EU in May 2024, marking a significant regulatory development in the field of artificial intelligence. This legislation establishes comprehensive rules governing the use, development, and deployment of AI technologies within the EU, and it has far-reaching implications for every business trading in the EU.
Therefore, if you have clients in the EU, you must take steps to ensure compliance with the EU’s stringent new AI regulations.
Dependent on risk category, businesses trading in the EU must take certain steps to ensure compliance, including:
- Conducting compliance audits of AI systems to determine their risk category and ensure they meet EU standards.
- Maintaining detailed documentation of AI systems, including development processes, data sources, and decision-making algorithms.
- Implementing robust risk management systems to regularly assess and mitigate potential risks associated with AI technologies.
- Ensuring that AI interactions are transparent to users.
- Strengthening data governance frameworks to comply with GDPR & data protection.
If you are unsure if this is applicable to your business, make sure to at least follow the minimum preparation steps required, to avoid legal complications. In doing so, it may be advisable to consult with legal experts and understand the specific implications for your business.
For more information or to find out more about our services, please visit our US LEGAL SERVICES & our UK LEGAL SERVICES.
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