Emerging AI regulations signal non-negotiable guidelines for businesses, underscoring the need to act proactively to mitigate bias and ensure return on AI investment

CHAPEL HILL, N.C., June 26, 2024 /PRNewswire/ — Vero AI, a first-of-its-kind analytical engine and scoreboard that helps enterprises fully harness the potential of advanced technology including artificial intelligence while minimizing risk, today released a first-of-its-kind industry-agnostic report, Regulating the Future: Responsible AI Legislation Trends and Predictions on key trends in current and emerging artificial intelligence (AI) legislation. The report emphasizes the need for businesses to stay abreast of regulatory changes to maintain compliance, foster responsible AI practices, and routinely conduct assessments to ensure ongoing adherence to standards.

To help enterprises navigate the evolving landscape of AI and data privacy regulations, the report shares an extensive review and analysis of 70 state and federal regulations, dating from September 2018 to May 2024. Vero AI’s in-depth analysis highlights common themes in both existing and emerging legislation, including the need for data transparency, documentation of AI safety and security to ensure fair and unbiased AI use, full disclosure of model limitations, and user consent revocation.

“With AI’s rapid development and adoption, organizations must understand both its business value and associated risks, especially as legislation evolves,” said Eric Sydell, PhD., CEO and co-founder, Vero AI. “While some business leaders worry these guidelines will stifle innovation, our report shows that most legislation centers on data privacy, transparency and accountability, and the protection against bias of specific classes. For companies already practicing responsible AI, compliance should not be burdensome, and adhering to these principles will promote user trust and reliability on the road to deployment success.”

It’s time for organizations to sharpen their focus on AI legislation
AI regulations are quickly being introduced across various states, signaling to U.S. businesses that accountability for their AI systems is imminent no matter where they reside. On top of state-level laws, federal initiatives like the drafted American Privacy Act of 2024 could impact businesses nationwide. Non-compliance with legislation can lead to hefty fines and penalties as well as reputational damage. But at the pace that these laws are changing, it’s not enough to comply with existing laws; businesses need to stay ahead of them.

Navigating the evolving landscape of AI and data privacy legislation
According to the report, existing legislation is mainly focused on protecting individuals and users, especially concerning personal data. The main trends in current AI-related legislation include:

Control Over AI Interactions: Legislation emphasizes empowering individuals with control over their interactions with AI systems.Fairness and Safety: Ensuring AI systems are fair, non-harmful, and equipped with built-in protections is a legislative priority.Transparency and Access: Organizations must provide access to detailed system information, ensuring transparency in AI operations.User Data Autonomy: Users should have the power to decide the fate of their data, with clear consent requirements for data collection, and it must be purpose-specific and limited to what is necessary.Informed Consent: Obtaining informed user consent is a fundamental requirement.

Looking at the future AI regulatory landscape, there is significant overlap between current regulations and those still in development; however, ensuring model fairness, providing thorough documentation of system limitations, and communicating clear safety protocols are expected to become even more critical. Additionally, providing safeguards against AI-induced harm and bias will be essential for meeting compliance requirements while also building trust with users.

To stay ahead in this rapidly evolving regulatory environment, organizations must:

Conduct regular impact assessments for bias and data privacy effectiveness.Enhance transparency measures around data collection and model limitations.Maintain detailed documentation on model safety and security protocols.Allow users to revoke consent just as they ask for consent.Ensure fairness and bias-free systems through proactive mitigation efforts.

As Vero AI’s report highlights, the urgency for AI compliance is undeniable. With over 40 states in the U.S. considering hundreds of AI regulation bills, businesses must act fast to comply with existing laws but also proactively prepare for future legislative requirements. The most effective approach for both is through continuous testing and monitoring of their systems, guided by principles that prioritize transparency, accountability, and responsible standards while ensuring effective implementation.

A full version of Vero AI’s Legislative Trends Report can be found at http://www.vero-ai.com/resources/regulating-the-future.

About Vero AI
Vero AI’s platform is a first-of-its-kind analytical engine and scoreboard built to help enterprises fully harness the potential of AI algorithms and tools while minimizing risk. Through its scientifically derived, AI-assisted platform and objective framework, The VIOLET Impact Model, Vero AI ingests information of all types and creates meaningful, interpretable, reliable scores that allow users to know whether their existing AI tools, algorithms, or any complex system is functioning across a range of curated, holistic criteria. Vero AI sets a new standard for AI optimization and risk mitigation at scale, empowering enterprises to thrive in an era defined by technological innovation and disruption. To learn more visit https://www.vero-ai.com/.

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SOURCE Vero AI