Interview: Challenges and Opportunities for Businesses Presented by the AI Act
In an exclusive interview, we speak to AI expert Anna Felländer about the challenges and opportunities that the forthcoming AI legislation, the AI Act, presents for businesses. We also receive valuable advice on how businesses can best manage AI and which common pitfalls to avoid.
What do you think will be the biggest challenge for businesses under the new legislation that is due to come into force shortly?
The introduction of the AI Act means that everyone can embrace responsible AI with clear rules. This will benefit customer relationships. One of the biggest challenges posed by the AI Act is that tech, compliance and business teams need to work across their organisational silos to assess both risk and value.
What advice would you give to businesses when it comes to dealing with AI?
Firstly, carry out a screening of your organisation – do we have AI solutions as defined by the AI Act? Next, do we have ‘high-risk’ AI? If so, do we have an AI governance framework in place to continuously assess and report on the requirements set by the AU, for example regarding explainability, accountability and transparency?
What pitfalls relating to AI do you see companies most often falling into?
That the AI team has a perspective without consulting and securing buy-in on risks and value with the business and the legal side.
In summary, the forthcoming AI Act presents both opportunities and challenges for businesses. The new legislation establishes clear rules that can strengthen relationships with customers through the responsible use of AI. The biggest challenge lies in getting the technology, compliance and business teams to work together to assess both the risks and the business benefits. To manage this effectively, organisations should carry out a thorough review of their AI solutions and ensure they have governance structures in place to meet requirements for explainability, transparency and accountability. Common pitfalls include a lack of coordination between AI teams and other business functions, which can lead to compliance and strategic issues.
Featuring: Anna Felländer
