Commentary from SVP of Compliance: EU AI Act goes into effect in February

"The EU's approval of the AI Act represents the most significant development on the journey to effectively regulate AI. However, for it to be effective, it must be reviewed regularly due to the speed with which AI is developing. There also needs to be a delicate balance between this regulation and ensuring that innovation doesn't suffer as a result.

Now more than ever, it's vital that organisations implement a compliance governance structure which includes concrete policies and procedures, education, testing and monitoring. And those policies, once created, must be clear and prescriptive at the start, explaining to employees what is and is not permitted. AI education and training will also be critical for organisations to explore the fundamental principles of AI governance, including common uses and benefits, potential for bias and how not to fall foul of this new regulation.

"Compliance professionals shouldn't shoulder all responsibility, but they can bring together the right stakeholders to start the conversation. AI offers a huge opportunity for organisations, but only if it is underpinned by a governance structure that is sustainable, trustworthy, and transparent."