Pro-business AI framework spans sector-specific regulations
Summary
The paper presents six core principles, with a focus on pro-innovation and the need to define AI in a way that can be understood across different industry sectors and regulatory bodies. It is vital that our rules offer clarity to businesses, confidence to investors and boost public trust.” Much of what is presented in the Establishing a pro-innovation approach to regulating AI paper is reflected in a new study from the Alan Turing Institute. “Some also emphasised that regulators must collaborate to ensure consistent or complementary approaches.” The study also found instances of firms developing or deploying AI in ways that cut across traditional sectoral boundaries. In developing appropriate and effective regulatory responses, there is a need to fully understand and anticipate risks posed by current and potential future applications of AI. According to the Alan Turing Institute, such consistency gives regulated entities the confidence to pursue the development and adoption of AI while also encouraging them to incorporate norms of responsible innovation into their practices.