Featured Product

    EU Artificial Intelligence Ethics Checklist Ready for Testing

    June 26, 2019

    EC launched the pilot phase of the ethics guidelines for trustworthy artificial intelligence, while the High-Level Expert Group on Artificial Intelligence released its policy recommendations. As of today, organizations can test the assessment list for trustworthy artificial intelligence, developed by a group of 52 independent experts on behalf of EC and see how robust it is in practice. Over 300 organizations have already expressed interest in doing so since the group released its Ethics Guidelines for Trustworthy Artificial Intelligence in April this year. An online survey has been created to gather feedback on the assessment list and will be open until December 01, 2019.

    The expert group also presented to EC a list of 33 recommendations that it believe will help artificial intelligence have major impact on citizens, businesses, administrations, and academia. The recommendations will help EC and member states to update their joint coordinated plan on artificial intelligence at the end of the year, which plays a key role in building the future of artificial intelligence in Europe. One key recommendation is for the EU to adopt a risk-based governance approach to artificial intelligence and ensure an appropriate regulatory framework. This can be done by mapping relevant laws, assessing to which extent these are still fit for purpose in an artificial-intelligence-driven world, and adopting new measures, where needed, to protect individuals from harm, thus contributing to an appropriate governance and regulatory framework for artificial intelligence. The other recommendations call on EU and national policymakers to—

    • Empower and protect humans and society: ensure individuals understand the capabilities, limitations and impacts of artificial intelligence; protect them from any harm; and provide them with the necessary skills to use and benefit from artificial intelligence.
    • Take up a tailored approach to the artificial intelligence market: assess the different needs and sensitivities raised by artificial intelligence systems used in Business-to-Consumers (B2C), Business-to-Business (B2B) and Public-to-Citizens (P2C) contexts, and address these accordingly. 
    • Secure a Single European Market for Trustworthy artificial intelligence: remove barriers to procure lawful, ethical, and robust artificial intelligence-enabled goods and services from all over Europe, while enabling a competitive global position through large integrated markets.
    • Enable artificial intelligence ecosystems through sectoral multi-stakeholder alliances: boost stakeholder cooperation across civil society, industry, the public sector, and research and academia, while understanding the different impacts and enablers for different sectors.
    • Foster the European data economy: further advance policy actions in data access, sharing, reusing, and interoperability, while ensuring high privacy and data protection, and putting in place the necessary physical infrastructures.
    • Exploit the multi-faceted role of the public sector: ensure the public sector leads by example by delivering human-centric public services, making strategic use of innovation-driven public procurement, and fostering cooperation with stakeholders.
    • Strengthen and unite Europe's research capabilities: establish and demonstrate intellectual and commercial leadership in artificial intelligence by bringing together European research capacity in a multidisciplinary manner.
    • Nurture education to the Fourth Power: ensure a wide skills base through primary, secondary, and tertiary education as well as by enabling continuous learning and strive toward a work-life-train balance.
    • Stimulate an open and lucrative investment environment: enhance investment levels in artificial intelligence with both public and private support.
    • Embrace a holistic way of working, combining a 10-year vision with a rolling action plan: look at artificial intelligence’s overall opportunities and challenges for the next 10 years, while continuously monitoring the artificial intelligence landscape and adapting actions on a rolling basis as needed; join forces with all stakeholders for the concrete implementation of the ethics guidelines and policy recommendations.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, Regtech, Suptech, Guidelines, Policy Recommendations, EC

    Related Articles
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5967