Regulating AI: What Are Companies and Governing Bodies Doing to Make AI Work For Everyone?

The Writers’ Strike dominated 2023. It lasted almost half of the year and one of the major points of contention was the use of artificial intelligence in writing. In some ways, this battle is the canary in the coal mine–an indicator that defining how businesses can use AI will be a hot topic well beyond Hollywood. It reflects a broader concern across industries about the impact of technology from a business aspect.  It’s a new frontier and governments and businesses are racing to get ahead of it. Let’s talk about current initiatives that are attempting to address AI’s implications.

What Are Companies and Governments Doing to Regulate AI?

Even if you’re completely untouched by the Writers’ Strike, the whole affair demonstrates that AI is rapidly affecting business and society in general. Various strategies and initiatives are currently underway to address the associated challenges:

1. Establishing Ethical Guidelines and Standards: Organizations are developing ethical guidelines (emphasizing fairness, transparency, accountability, and privacy) to govern AI development and use.
2. Regulatory Frameworks and Legislation: Governments worldwide are crafting laws and regulations to manage AI’s impact and develop a legal framework to address risks and set standards.
3. Industry Self-Regulation: AI companies are adopting self-regulatory practices, including internal ethics boards, transparent reporting of AI research and outcomes, and adherence to industry-developed standards for responsible AI.
4. Public Engagement and Education: Efforts are being made to educate the public about AI, its potential, and its risks. This includes open dialogues, educational programs, and public consultations to gather diverse perspectives on AI governance.
5. Research on AI Safety and Ethics: Academic and corporate research institutions are investing heavily in understanding and solving ethical and safety challenges associated with AI, like bias in AI algorithms and the long-term implications of advanced AI technologies.
6. Development of AI Auditing and Certification Systems: To ensure compliance with standards and regulations, there are movements towards creating AI auditing and certification systems. These systems aim to assess AI systems for fairness, privacy, transparency, and security.

The Bottom Line

These collaborative efforts between legal entities and companies are crucial in shaping a future where AI is developed and used responsibly, ethically, and safely for the benefit of business as well as society. Tell us what you hope to see as this topic evolves.