Fintech at London Connect Tech Show

Fintech & Big Data & AI

Lots happening today at Big Data & AI World at Connect?Tech?Show?London @ExCeLLondon @TechShowLondon

Interesting discussion today - U.S. Chamber of Commerce on Thursday called for regulation of artificial intelligence technology to ensure it does not hurt growth or become a national security risk, a departure from the business lobbying group's typical anti-regulatory stance.

The Chamber report?argues policymakers and business leaders must quickly ramp up their efforts to establish a "risk-based regulatory framework" that will ensure AI is deployed responsibly.

The report asserts that within 20 years, "virtually every" business and government agency will use AI.

A product of a commission on artificial intelligence that the Chamber established last year, the report is in part a recognition of the critical role the business community will play in the deployment and management of AI.

5 Pillars:

Efficiency

Policymakers must evaluate the applicability of existing laws and regulations. Appropriate enforcement of existing laws and regulations provides regulatory certainty and guidance to stakeholders and would help inform policymakers in developing future laws and regulations. Moreover, lawmakers should focus on filling gaps in existing regulations to accommodate new challenges created by AI usage.

Collegiality

Federal interagency collaboration is vital to developing cohesive regulation of AI across the government. AI use is cross-cutting, complex, and rapidly changing and will require a strategic and coordinated approach among agencies. Therefore, the government will need to draw on expertise from the different agencies, thus allowing sector and agency experts the ability to narrow in on the most important emerging issues in their respective areas.

Neutrality

Laws should be technology neutral and focus on applications and outcomes of AI, not the technologies themselves. Laws regarding AI should be created only as necessary to fill gaps in existing law, protect citizens’ rights, and foster public trust. Rather than trying to develop a onesize-fits-all regulatory framework, this approach to AI regulation allows for the development of flexible, industry-specific guidance and best practices.

Flexibility

Laws and regulations should encourage private sector approaches to risk assessment and innovation. Policymakers should encourage soft law and best practice approaches developed collaboratively by the private sector, technical experts, civil society, and the government. Such non-binding, self-regulatory approaches provide the flexibility of keeping up with rapidly changing technology as opposed to laws that risk becoming outdated quickly.

Proportionality

When policymakers determine that existing laws have gaps, they should attempt to adopt a risk-based approach to AI regulation. This model ensures a balanced and proportionate approach to creating an overall regulatory framework for AI.

https://www.uschamber.com/technology/artificial-intelligence-commission-report

UK Parliament?Information Commissioner's Office?House of Commons?UK House of Lords?TISAtech (Tt)

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