The Chartered Insurance Institute (CII) has urged for clear accountability frameworks and a skills strategy for the use of artificial intelligence (AI) in financial services. They emphasize the importance of training professionals to take responsibility for AI outcomes and the need for transparency in AI systems to ensure consumer protection.
The regulatory landscape for AI-enabled MedTech in the Asia Pacific region is still developing, with existing frameworks primarily governing other technologies. While countries like China, Japan, and Australia are making strides towards comprehensive regulation, the U.S. currently relies on traditional medical device regulations for AI products.
In early 2025, New York proposed the NY AI Act and the AI Consumer Protection Act to regulate the use of artificial intelligence, particularly addressing algorithmic discrimination in employment. These laws aim to empower consumers with rights against technology companies and ensure that AI systems are free from harmful biases.
This article discusses the importance of AI risk management frameworks to mitigate potential risks associated with artificial intelligence systems. It highlights various types of risks, including data, model, operational, and ethical or legal risks, and emphasizes the need for responsible AI governance.
The European Union has introduced the Artificial Intelligence Act (AI Act), which aims to manage the risks and opportunities associated with AI technologies across Europe. This landmark regulation establishes a framework for ensuring the safety and fundamental rights of AI systems while creating a unified market for trustworthy AI.
South Korea has established itself as a leader in AI regulation in Asia with the introduction of the AI Basic Act, which creates a comprehensive legal framework for artificial intelligence. This legislation, effective from January 2026, will significantly impact industries reliant on AI, including mobility, healthcare, and finance.
The EU AI Act and DORA are reshaping how financial entities manage AI risk by introducing new layers of compliance that demand transparency, accountability, and quantifiable risk assessments. Organizations must move beyond vague assurances and demonstrate their financial resilience through detailed documentation and data-driven strategies.
Artificial intelligence (AI) is rapidly reshaping economies, societies, and global governance, presenting both significant opportunities and risks. This chapter examines the divergent approaches of the United States and Europe in regulating AI, highlighting the need for thoughtful governance that balances innovation with the protection of civil liberties and democratic values.
The EU Commission is launching a new strategy to reduce barriers for the deployment of artificial intelligence (AI) across Europe, aiming to enhance the region’s competitiveness on a global scale. The initiative includes plans to construct “AI gigafactories” to boost data center infrastructure and promote wider adoption of AI technologies among European businesses.
BigID has launched AI Privacy Risk Posture Management to assist organizations in managing data privacy risks throughout the AI lifecycle. The platform offers automated assessments and privacy controls to ensure responsible AI governance in light of evolving regulations.
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