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The five key takeaways you should know about the EU AI Act

On the first of August 2024 the European Union Artificial Intelligence Act (EU AI Act) will go into effect. The EU AI Act is a landmark legislative proposal introduced by the European Commission in April 2021. This proposed regulation aims to establish a unified legal framework for the development, deployment, and use of artificial intelligence (AI) within the EU.

AUTHOR – Niels Donders

The primary objective
of the EU AI Act

The primary objective of the EU AI Act is to ensure that AI systems are safe, transparent, ethical, and respect fundamental rights and values. The Act categorizes AI applications based on their risk level, ranging from minimal risk to high risk, imposing stricter requirements and obligations on higher-risk systems.

It also outlines prohibited AI practices, governance structures, and enforcement mechanisms. By setting these standards, the EU seeks to foster innovation while safeguarding the rights and freedoms of individuals, maintaining trust in AI technologies, and positioning Europe as a global leader in AI regulation.

The five key takeaways you should know about the EU AI Act

1. Strict Compliance Requirements for Companies: Companies developing or deploying high-risk AI systems must meet strict compliance requirements. This includes conducting risk assessments, ensuring data quality, and maintaining detailed documentation to demonstrate adherence to the regulations.

2. Increased Transparency and User Rights: The Act mandates that companies provide clear information to users when AI is involved in decision-making processes. This enhances transparency and ensures that individuals are aware of when and how AI affects them, enabling them to understand and challenge AI-driven decisions.
the Act aims to enhance the overall safety and reliability of AI technologies.

3. Enhanced Safety and Trust: By imposing rigorous safety standards on high-risk AI systems, the Act aims to enhance the overall safety and reliability of AI technologies. This builds public trust in AI, ensuring that systems are designed to minimize harm and respect fundamental rights.

4. Potential Cost Implications for Companies: Companies may face increased costs to comply with the Act, including investments in new technologies, compliance programs, and modifications to existing AI systems. These costs are necessary to meet the stringent requirements and avoid potential fines and penalties for non-compliance.

5. Protection Against Harmful AI Practices: The Act prohibits certain harmful AI practices, such as social scoring and real-time biometric surveillance, safeguarding individuals from invasive and unethical uses of AI. This ensures that AI technologies are used in ways that respect human dignity and privacy.

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