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The EU AI Act, effective since August 2024, introduces a risk-based framework for AI systems, categorizing them into prohibited, high, limited, or minimal risk. This regulation significantly impacts any business utilizing AI within the EU, with noncompliance resulting in hefty fines and operational risks. CTOs and CIOs must prioritize understanding these regulations to ensure compliance and foster innovation.
The Act bans several AI practices deemed harmful, such as manipulative AI and exploitation of vulnerable groups. Companies are encouraged to conduct comprehensive audits and implement governance protocols to align with the Act's requirements. By embedding AI governance into development cycles, organizations can accelerate deployment while ensuring compliance.
• EU AI Act introduces a risk-based framework for AI system classification.
• Noncompliance with the Act can lead to fines up to 35 million euros.
The EU AI Act regulates AI systems in the EU, categorizing them by risk levels.
AI governance frameworks are essential for assessing risks and ensuring compliance with regulations.
Conducting risk assessments is crucial for CTOs and CIOs to ensure compliance with the EU AI Act.
Holistic AI focuses on AI ethics and governance, providing insights into compliance with the EU AI Act.
Unilever has established AI governance protocols to align with EU regulatory standards.
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