Two key disconnects could get in the way of effective AI regulation

Globally there is an enormous amount of focus on AI regulation. I am greatly concerned that unless industry participates more actively and with more foresight in this process, we’re going to see bad AI regulation and legislation.

Our recent survey highlights 2 key disconnects between business leaders and policy makers: 1) policy makers are principally concerned about new rules to prevent bias and protect citizens while business leaders are most concerned about compliance with existing rules, and 2) business leaders believe policy makers understand the technical complexities and business challenges of AI while policy makers state that they do not.

AI regulation is coming. The focus on regulation has accelerated and amplified during the Covid-19 pandemic and the growth of the social justice movement. It is incumbent on the academic and business communities to engage deeply with policy makers to resolve these disconnects and ensure that nascent regulations are smart and agile, that they mitigate real risks while leaving room for innovation, that they prescribe outcomes rather than approaches, and that they achieve those outcomes.

We cannot slow down AI adoption and defer the benefits to healthcare, the environment, and quality of life that it will achieve. AI can make the world safer, healthier, and more productive. But to realize those benefits quickly, responsibly, and equitably we need to get the governance and regulation of AI right.

We have to balance the urgent needs of business to create technologies that make them more agile, more resilient, and more productive with the needs of all of their stakeholders.

AI must benefit all of society, it must decrease inequity and bias, it must improve both the quality of and access to healthcare, it must enhance sustainability, and it must expand freedom and human autonomy. We are at a time on this regulatory journey when broad participation from the community is critical.