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Businesses are advised to adopt an iterative approach to AI regulation, as the landscape remains unpredictable. Simon McDougall, an AI governance expert, emphasizes that companies should not try to forecast regulatory changes but instead make gradual adjustments. The contrasting regulatory frameworks in the EU and the US add to this complexity, with the EU advancing its AI Act while the US leans towards deregulation.
McDougall predicts a fragmented regulatory environment in the US, leading to increased compliance costs for businesses. He also highlights the potential for the UK to act as a mediator among the differing regulatory approaches of the EU, US, and China. This evolving scenario underscores the necessity for businesses to remain flexible and responsive to regulatory developments.
• Businesses should adopt an iterative approach to AI regulation.
• Diverging regulatory frameworks create unpredictability for companies.
AI regulation refers to the laws and guidelines governing the development and use of artificial intelligence technologies.
Compliance costs are the expenses incurred by businesses to adhere to regulatory requirements, which are expected to rise in the AI sector.
Deregulation involves reducing or eliminating government rules, which can impact how AI technologies are developed and deployed.
ZoomInfo specializes in business intelligence and provides insights that can help companies navigate regulatory landscapes.
Bristows is a law firm that advises on legal matters related to AI, helping businesses understand compliance requirements.
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