Earlier this year, the European Union enacted the AI Act, establishing a comprehensive legal framework that categorizes AI applications by risk levels and emphasizes transparency, accountability, and human oversight.

The primary objective of the AI Act is to promote trustworthy AI systems while ensuring that innovation is not stifled.

However, challenges remain in balancing innovation with regulation, adapting to rapid technological changes, and engaging the public in discussions about AI regulation.

Promoting transparency in AI processes is vital, with a focus on documenting decision-making and conducting regular audits.

AI systems deemed low risk will have specific transparency obligations, such as labeling chatbots and synthetic media.

In contrast, high-risk AI systems, including facial recognition and those used in education, will face strict requirements regarding risk management, data quality, human oversight, and cybersecurity.

To comply with these regulations, organizations must develop tailored AI governance frameworks, which include employee training on ethical AI practices and awareness of new legislation's implications.

Companies need to prepare for the new regulations, as certain sections will take effect in February 2025.

Internationally, the United States, EU, and UK signed the first international AI treaty in September, ensuring that AI systems respect human rights and democracy.

International cooperation is essential for developing harmonized regulatory frameworks, with organizations like the OECD and UN working towards global standards for AI ethics.

Legal experts will guide participants through the complexities of the regulations, explaining the foundations, goals, and risk-based approach of the AI Act during an upcoming webinar.

This webinar, titled 'EU AI Act: Understanding and Implementing the New AI Regulation,' is scheduled for October 8 and will offer practical insights into the relevant changes.