PwC Central and Eastern Europe’s Post

U.S-based organizations deploying AI-based products, services, or other innovations that could affect European Union citizens may be subject to the EU AI Act that is expected to be finalized in early 2024. Four key actions can help organizations prepare for these and other regulations likely to follow. #AIregulation #GenAI I truly enjoyed collaborating with my colleagues Jennifer McMillan Mosche Orth on this piece Deloitte https://bit.ly/49AxDQ5

U.S-based organizations deploying AI-based products, services, or other innovations that could affect European Union citizens may be subject to the EU AI Act that is expected to be finalized in early 2024. Four key actions can help organizations prepare for these and other regulations likely to follow. #AIregulation #GenAI Deloitte https://bit.ly/49AxDQ5

U.S-based organizations deploying AI-based products, services, or other innovations that could affect European Union citizens may be subject to the EU AI Act that is expected to be finalized in early 2024. Four key actions can help organizations prepare for these and other regulations likely to follow. #AIregulation #GenAI Tim Davis Jennifer McMillan Mosche Orth Deloitte https://bit.ly/49AxDQ5

Excited to share the Legisway Benchmark for Legal Departments 2024 report by Wolters Kluwer! As proud supporters, we're thrilled to see insights from 350+ in-house professionals on legal tech adoption, efficiency challenges, and AI impact. Don't miss this comprehensive look at legal department evolution across Europe. Read the full report here: https://lnkd.in/geuvD8fg #LegalTech #InHouseLegal #LegalInnovation

There's still time to register. Please join me for a webinar on Monday to discuss how companies can manage Antitrust risk when using AI to optimize business functions.

Alluring EU AI Act has been published in the Official Journal of the EU on July 12 , 2024 by bringing complex and relatively brain-twister questions regarding its enforcement not only for EU markets but beyond. Besides the EU markets, third countries also need to make "a compliance to-do list". White & Case LLP team has simplified this puzzling compliance and enforcement journey with "EU AI Act Enforcement Timeline." Certainly deserves a peek. #AI

📢 Joint Statement on AI Regulation by FTC, DOJ, EU, and CMA On July 23rd, Jonathan Kanter (Assistant Attorney General DOJ); Sarah Cardell Chief Executive Officer of (Competition and Markets Authority); Margrethe Vestager (EU Competition Policy ) and Federal Trade Commission Chair Khan issued a significant joint statement on the responsible use of Artificial Intelligence (AI). ▪️Highlights of the Statement: 1. Accountability: Entities developing or deploying AI must adhere to federal laws, ensuring that AI systems are used ethically and responsibly. 2. Transparency: Clear and transparent AI operations are essential to foster trust and ensure consumers are informed about AI’s role in products and services. 3. Fairness: AI must not perpetuate biases or engage in discriminatory practices. Agencies will scrutinize mechanisms that could lock in consumers or businesses, limiting their choices. 4. Enforcement: The agencies are committed to using their powers to prevent firms from restricting key inputs, entrenching market power, or engaging in practices that could harm competition and consumers. 5. Collaboration: The statement emphasizes the importance of a unified federal approach to AI governance to protect consumers, uphold civil rights, and ensure fair competition. ▪️Risks to Competition Identified: 1. Concentrated Control of Key Inputs: A small number of companies could dominate the critical resources needed to develop AI, such as specialized chips and large-scale data, potentially stifling disruptive innovation and fair competition. 2. Entrenching Market Power: Large incumbent firms with substantial market power might use AI to protect or extend their dominance, creating barriers to entry and harming future competition. 3. Amplifying Risks Through Partnerships: Financial investments and partnerships between major firms could be used to undermine competition, co-opting potential threats and steering market outcomes in favor of incumbents. 🧠 This joint effort aims to safeguard the public from risks associated with AI while promoting innovation and economic growth. The agencies underscore the need for vigilance in preventing AI from being used in ways that could harm consumers, entrepreneurs, or other market participants. 💡As AI continues to evolve, how do you think we can best balance innovation with the need for ethical oversight? 🔗 https://lnkd.in/d4Ru6kut #AI #EthicalAI #FTC #DOJ #EU #CMA #Innovation #ConsumerProtection #TechRegulation

▶ AI has the potential to help mobility teams improve accessibility, control costs, streamline policies, processes, and workflows. But, it's important that businesses understand and comply with evolving AI regulations. Experts suggest proactive engagement with regulatory authorities and transparency with clients and employees regarding the use of AI tools. Mobility leaders like CapRelo continue to explore safe and secure ways to serve HR leaders and relocating employees through the integration of AI within our technology solutions. 📚 Background: In an April 1st article published by WERC and Walter N. Dannemiller III, Esq., vice president of legal for Dwellworks LLC, explains the legal responses different regions have taken to address AI. Already, diverse approaches toward regulating AI technologies have arisen in Europe, North America and APAC. In Europe, the proposed EU AI Act aims to restrict certain uses of AI tools and enforce penalties for violations. In contrast, the UK is using its existing privacy laws to oversee AI. In North America, AI regulation continues to evolve, with various state and federal initiatives underway. The US government has introduced voluntary principles for AI use, while individual states like California have enacted their own laws. Canada is working on the Artificial Intelligence and Data Act (AIDA) to place responsibility on businesses for the AI activities they develop or deploy. In the APAC region, China has emerged as a leader in AI regulation, implementing regulations requiring companies to obtain licenses and conduct routine security assessments. Read more global mobility industry trends and news ↪ https://lnkd.in/gWejzvQd #globalmobility #relocation #relocationexpert #ai #datagovernance #privacy

Thanks CapRelo for the share of our VP of Corporate Counsel Walter N. Dannemiller III, Esq.'s article about AI. Here's what he had to say in the comments for easy reading! "This article was originally published in the 2023 Q4 edition of WERC's Mobility Magazine and since #AI moves so quickly, here's some post-publication updates: 1. In the absence of federal regulation, 6 new US states have enacted legislation to oversee unsafe or ineffective AI systems. 2. The UK has backed off of its original laissez-faire approach to AI and is now rapidly implementing regulatory oversight. 3. The EU officially adopted the EU AI Act in March with enforcement to begin in May 2025. 4. China remains at the forefront of AI regulation in APAC although it's unclear how stringent enforcement will be. Key Takeaway 🔑: Most governments are taking a restrictive approach in regulating AI, balancing innovation with safety; and don't forget that existing data privacy and intellectual property laws apply to the data used in AI systems. To learn about how Dwellworks and Dwellworks Living's #Legal and #IT teams collaborate on our AI systems, read my colleague and 2023 CIO of the Year Award recipient Jim Smith's article on this topic ⬇ ⬇ https://lnkd.in/gdKfRd5D"

The EU AI Act received unanimous approval by member state representatives, setting it on a path to formal adoption in April. Learn five concrete steps companies can take now to prepare for compliance in PwC’s The Next Move. Are you ready? #AIACT