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Policy Hour
Online Webinar

The EU AI Act: Everything We Know till Now

Wednesday, 17 January 2024 – 11 am ET
TIME
11:30 ET / 4:30pm BST
Zoom
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Thanks to all who joined us last Wednesday, January 17th for the latest edition of our Policy Hour webinar series, The EU AI Act: All We Know For Now.

It was great to engage with so many of you in the Q&A session and share our understanding of the history and pending implementation of the EU AI Act, the world’s first comprehensive AI legislation.

Holistic AI policy experts Dr. Osman Gazi Güçlütürk and Siddhant Chatterjee provided a detailed and actionable view of what organizations can likely expect in the coming weeks from the EU AI Act.

Expect a similar level of insight at our next webinar, Framework for Building Trustworthy AI – hosted in conjunction with finance AI leader MindBridge - on Tuesday, 30 January 2024 at 11 am ET. Reserve your place now for what promises to be another actionable and expertise-rich AI GRC session.

If you couldn’t make it on Wednesday or want to revisit the topics we covered, you can also access both the slides and recording from the event below.

Policy Hour on the EU AI Act: All We Know For Now Slides

Q&A


The EU AI Act applies to providers, importers, distributors, and users of AI systems placed on the market or put into service in the EU. Some AI systems and use cases, such as military AI systems or the use of AI systems for purely personal purposes are exempt.

The political deal on the EU AI Act between the European co-legislators, the European Parliament and the Council of the EU, was reached on December 8th, 2023. The formal adoption of the Act is expected to take place in early 2024, although there will then be a 2-year general implementation period and 6-month and 12-month implementation periods for prohibited AI systems and the rules on general-purpose AI systems, respectively, before the provisions of the Act become effective.

Fines up to €35M or 7% of global annual turnover for breaches, subject to changes depending on the nature of the non-compliance and the size of the respective entity, have been outlined in the latest political agreement although these amounts are not yet finalized.

AI brings benefits but also new challenges. Scandals have revealed that issues such as bias can have real-world impacts, and the question of whether there is a need to interfere to balance innovation and protection of fundamental rights has been raised. The European Commission, in order to strike that balance and prevent the emergence of divergence national regulations that may disrupt the efficiency in the EU single market, initiated the legislative procedure to adopt the EU AI Act.

Enterprises should proactively establish AI risk management frameworks to mitigate legal, reputational, and financial damage from non-compliance. The rules and principles embodied in the Act as well as standards prepared according to it are likely to emerge as the industry standard. Hence, enterprises aiming at getting ahead and having competitive advantage should consider following the developments surrounding the EU AI Act and get involved with the voluntary commitment schemes to be introduced during the implementation period of the Act.

How we can help

With EU AI Act as one of the first comprehensive AI legislation in the final stages before adoption, enterprises of all sizes must be preemptive about preparing for new requirements. This can be tough with an evolving landscape. To begin your EU AI Act Readiness or AI Governance, reach out to Holistic AI, the world’s first 360-degree solution for AI trust, risk, security, and compliance that empowers companies to adopt AI at scale safely.

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