Organisations need to adapt new data and AI risk management practices, processes and tools in order to both comply with upcoming regulations and to ensure customer trust.’
The UK is to pilot a new Artificial Intelligence (AI) Standards Hub, aimed at increasing the UK’s contribution in the development of global principles for AI. The Alan Turing Institute has been selected to lead the hub, supported by the British Standards Institute (BSI) and the National Physical Laboratory. The hub is part of the National AI Strategy, and is backed by the UK Government’s Department for Digital, Culture, Media and Sport (DCMS) and the Office for AI (OAI).
The AI Standards Hub will create practical tools for businesses, with an online platform bringing the UK’s AI community together, as well as developing educational materials to help organisations grow and benefit from global standards. The Hub will also work to ‘Improve the governance of AI, complement pro-innovation regulation and unlock the huge economic potential of these technologies to boost investment and employment now the UK has left the European Union.’
The Government has said research indicates that more than 1.3 million UK businesses will use AI by 2040. In addition, the research highlights that during 2020, UK businesses spent some £63 billion on AI technology and AI related labour. This expected to reach more than £200 billion by 2040.
Ahead of the pilot’s launch there will be a series of roundtables with a wide range of organisations, shaping the hub’s activities. The Government has said that the UK is one of the world’s most advanced developers and users of AI and the key to building on this was maintaining public trust through leading in global regulation and standards.
At the same time the World Economic Forum (WEF) has launched a toolkit to help business executives navigate the AI landscape, take advantage of opportunities and understand the risks of AI.
The WEF said that the toolkit is the result of collaboration among a number of AI experts and executives across companies and industries. It builds on the previous WEF guide that was aimed at Boards of Directors. The so called AI C-Suite Toolkit raises and discusses key questions that company executives need to consider when making investments in AI. Theos Evgeniou, Professor at INSEAD and Co-founder of Tremau, a company which develops tools for responsible use of technology said; ‘Organisations need to adapt new data and AI risk management practices, processes and tools in order to both comply with upcoming regulations and to ensure customer trust.’