April 08, 2019

EC launched a pilot phase to ensure that ethical guidelines for the development and use of artificial intelligence, or AI, can be implemented in practice. EC is taking a three-step approach, which involves setting out the key requirements for trustworthy artificial intelligence, launching a large scale pilot phase for feedback from stakeholders, and working on international consensus building for human-centric artificial intelligence. EC also presented the next steps for building trust in artificial intelligence by taking forward the work of the High-Level Expert Group, which was appointed in June 2018.

As per the EC approach, trustworthy artificial intelligence should respect all applicable laws and regulations as well as a series of requirements; specific assessment lists aim to help verify the application of each of the key requirements:

  • Human agency and oversight. Artificial intelligence systems should enable equitable societies by supporting human agency and fundamental rights and not decrease, limit, or misguide human autonomy.
  • Robustness and safety. Trustworthy artificial intelligence requires algorithms to be secure, reliable, and robust enough to deal with errors or inconsistencies during all life cycle phases of artificial intelligence systems.
  • Privacy and data governance. Citizens should have full control over their own data, while data concerning them will not be used to harm or discriminate against them.
  • Transparency. The traceability of artificial intelligence systems should be ensured.
  • Diversity, non-discrimination, and fairness. Artificial intelligence systems should consider the whole range of human abilities, skills, and requirements and ensure accessibility.
  • Societal and environmental well-being. Artificial intelligence systems should be used to enhance positive social change and enhance sustainability and ecological responsibility.
  • Accountability. Mechanisms should be put in place to ensure responsibility and accountability for artificial intelligence systems and their outcomes.

In terms of building international consensus for human-centric artificial intelligence, EC wants to bring this approach to artificial intelligence ethics to the global stage because technologies, data, and algorithms know no borders. To this end, EC will strengthen cooperation with like-minded partners such as Japan, Canada, or Singapore and continue to play an active role in international discussions and initiatives including the G7 and G20. The pilot phase will also involve companies from other countries and international organizations. EC is inviting industry, research institutes, and public authorities to test the detailed evaluation list drawn up by the High Level Expert Group, which complements the guidelines.

Following the pilot phase, in early 2020, the Artificial Intelligence Expert Group review the assessment lists for the key requirements, building on the feedback received. Building on this review, EC will evaluate the outcome and propose any next steps. Furthermore, to ensure the ethical development of artificial intelligence, EC will, by the Autumn 2019, launch a set of networks of artificial intelligence research excellence centers, begin setting up networks of digital innovation hubs, and—together with member states and stakeholders—start discussions to develop and implement a model for data-sharing and making best use of common data spaces.

 

Related Links

Keywords: Europe, EU, Banking, Insurance, Securities, PMI, Regtech, Artificial Intelligence, Guidelines, EC

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

ESRB Paper on Impact of Business Model Similarities on Risk Capture

ESRB published a working paper on whether information contagion and business model similarities explain bank credit risk commonalities.

May 17, 2019 WebPage Regulatory News
News

CBM Notifies ESRB and ECB on Imposing Borrower-Based Measures in Malta

CBM notified ESRB and ECB regarding its decision to impose borrower-based measures on lenders in Malta.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3103