AI Act
The EU’s AI Act is an attempt to address some of the aforementioned challenges by creating a harmonized regulatory framework for the development and use of AI. The AI Act classifies AI systems according to risk levels and sets different requirements for each category. High-risk AI systems, which are used in critical infrastructures or for decision-making that can affect citizens' rights, will be subject to stricter rules. These include requirements for transparency, safety, and accountability, as well as ongoing monitoring and reporting.
The purpose of the AI Act is to ensure that AI technologies are developed and used in a way that is safe, transparent, and in accordance with fundamental rights and values in the EU. Companies that do not comply with these rules risk substantial fines and damage to their reputation.