AI Risk and Coming Regulation

More needs to be done here  here, though though predicting it wil be hsrd.  Consider risk analyses under varying scenarios.

Assess AI Risk to Prepare for Coming AI Regulations  

September 30, 2021 

AI regulations are coming, with multiple acts being proposed in the US Congress, and AI experts are sharing advice on how to prepare.  (Credit: European Commission) 

By John P. Desmond, AI Trends Editor 

Since the European Commission in April proposed rules and a legal framework in its Artificial Intelligence Act (See AI Trends, April 22, 2021), the US Congress and the Biden Administration have followed with a range of proposals that set the direction for AI regulation.  

“The EC has set the tone for upcoming policy debates with this ambitious new proposal,” stated authors of an update on AI regulations from Gibson Dunn, a law firm headquartered in Los Angeles.  

Unlike the comprehensive legal framework proposed by the European Union, regulatory guidelines for AI in the US are being proposed on an agency-by-agency basis. Developments include the US Innovation and Competition Act of 2021, “sweeping bipartisan R&D and science-policy regulation,” as described by Gibson Dunn, moved rapidly through the Senate.

“While there has been no major shift away from the previous “hands off” regulatory approach at the federal level, we are closely monitoring efforts by the federal government and enforcers such as the FTC to make fairness and transparency central tenets of US AI policy,” the Gibson Dunn update stated.  

Many in the AI community are acknowledging the lead role being taken on AI regulation by the European Commission, and many see it as the inevitable path.  

European Commission’s AI Act Seen as “Reasonable” 

Johan den Haan, CTO, Mendix

“Right now, every forward-thinking enterprise in the world is trying to figure out how to use AI to its advantage. They can’t afford to miss the opportunities AI presents. But they also can’t afford to be on the wrong side of the moral equation or to make mistakes that could jeopardize their business or cause harm to others,” stated Johan den Haan, CTO at Mendix, a company offering a model-driven, low-code approach for building AI systems, writing recently in Forbes.  .... '