Featured Product

    EC Launches Pilot Phase on Implementation of Ethical Guidelines for AI

    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

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958