Weekly Business Insights from Top Ten Business Magazines | Week 297 | Shaping | 2

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 297 | May 19-25, 2023.

MIT Technology Review’s quick guide to the 6 ways we can regulate AI

By Melissa Heikkilä | MIT Technology Review | May 22, 2023

Listen to the Extractive Summary of the Article

AI regulation is hot. Ever since the success of OpenAI’s chatbot ChatGPT, the public’s attention has been grabbed by wonder and worry about what these powerful AI tools can do. Generative AI has been touted as a potential game-changer for productivity tools and creative assistants. But they are already showing the ways they can cause harm. Generative models have been used to generate misinformation, and they could be weaponized as spamming and scamming tools.  Six different international attempts to regulate artificial intelligence can provide policymakers a start ahead of scratch.  These are 

A legally binding AI treaty.  The Council of Europe, a human rights organization that counts 46 countries as its members, is finalizing a legally binding treaty for artificial intelligence. The treaty requires signatories to take steps to ensure that AI is designed, developed, and applied in a way that protects human rights, democracy, and the rule of law.

The OECD AI principles.  In 2019, OECD agreed to adopt a set of nonbinding principles laying out some values that should underpin AI development. Under these principles, AI systems should be transparent and explainable; should function in a robust, secure, and safe way; should have accountability mechanisms; and should be designed in a way that respects the rule of law, human rights, democratic values, and diversity. The principles also state that AI should contribute to economic growth. 

The Global Partnership on AI.  The brainchild of Canadian prime minister Justin Trudeau and French president Emmanuel Macron, the Global Partnership on AI (GPAI) was founded in 2020 as an international body that could share research and information on AI, foster international research collaboration around responsible AI, and inform AI policies around the world. The organization includes 29 countries, some in Africa, South America, and Asia. 

The EU’s AI Act.  The European Union is finalizing the AI Act, a sweeping regulation that aims to regulate the most “high-risk” usages of AI systems. First proposed in 2021, the bill would regulate AI in sectors such as health care and education.

Technical industry standards.  Technical standards from standard-setting bodies will play an increasingly crucial role in translating regulations into straightforward rules companies can follow. For example, once the EU’s AI Act passes, companies that meet certain technical standards will automatically be in compliance with the law. Many AI standards exist already, and more are on their way. The International Organization for Standardization (ISO) has already developed standards for how companies should go about risk management and impact assessments and manage the development of AI. 

3 key takeaways from the article

1. AI regulation is hot. Ever since the success of OpenAI’s chatbot ChatGPT, the public’s attention has been grabbed by wonder and worry about what these powerful AI tools can do. 
2. Generative AI has been touted as a potential game-changer for productivity tools and creative assistants. But they are already showing the ways they can cause harm.
3. Six different international attempts to regulate artificial intelligence can provide policymakers with a start ahead of scratch.  These are by The Council of Europe, a human rights organization that counts 46 countries as its members drafting a legally binding treaty; The OECD AI principles; The Global Partnership on AI – the brainchild of Canadian prime minister Justin Trudeau and French President Emmanuel Macron covers 29 countries; The EU’s AI Act to regulate sectors including health and eduction; and The Technical standards from standard-setting bodies.

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Topics:  Technology, Artificial Intelligence