For the first time in history, nearly every nation on Earth has agreed that artificial intelligence is too consequential to leave ungoverned. This week, the United Nations will launch two new institutions to assess AI risks and foster global cooperation on governance.
State lawmakers are devising strategies to advance bills regulating AI in hiring, despite opposition from the tech industry and the Trump administration. Efforts include requiring employers to mitigate AI bias and mandating transparency about AI-generated employment decisions.
The Isle of Man is establishing a National Office for AI Development and Regulation to address the challenges and opportunities presented by the AI revolution. Chief Minister Alfred Cannan emphasized the importance of collaboration between the public and private sectors to ensure competitiveness and efficiency in government services.
Two lawmakers from opposing parties have introduced competing artificial intelligence bills, highlighting the divide in how AI should be regulated in the U.S. Rep. Yvette Clarke’s “Algorithmic Accountability Act” calls for strong oversight, while Rep. Michael Baumgartner’s “American Artificial Intelligence Leadership and Uniformity Act” aims to create a national framework and prevent state regulations for five years.
As AI tools become integral to operations, family offices are facing new compliance requirements regarding oversight and audits. With regulators shifting to enforceable frameworks, the liability for AI-related decisions is increasingly falling on users, including family offices that employ AI in various functions and invest in AI-driven companies.
Professor Suresh Venkatasubramanian from Brown University discussed the urgent need for AI regulations during his lecture at Carnegie Mellon University, emphasizing that meaningful progress in governance should come from bottom-up approaches that address specific community issues. He cautioned policymakers to focus on application-based targets rather than trying to pin down rapidly evolving technologies.
The EU AI Act introduces the world’s first comprehensive legal framework for artificial intelligence, effective from August 1, 2024, with critical provisions rolling out in 2025. This phased approach emphasizes human-centric AI and sets stringent regulations that could influence global AI standards and practices.
The United Nations has proposed establishing “AI red lines” to create international regulations for artificial intelligence by the end of 2026, aiming to mitigate severe risks to humanity and global stability. However, analysts express skepticism about the feasibility and enforceability of these regulations, especially concerning their impact on enterprises and compliance requirements.
Professor Suresh Venkatasubramanian from Brown University discussed the urgent need for AI regulations during his lecture at Carnegie Mellon University, emphasizing that meaningful progress in governance should come from bottom-up approaches that address specific community issues. He cautioned policymakers to focus on application-based targets rather than trying to pin down rapidly evolving technologies.
FICO has introduced two foundation models, FICO Focused Language (FLM) and FICO Focused Sequence (FSM), designed to meet the stringent compliance needs of the financial industry. These models leverage FICO’s expertise in financial data, ensuring outputs are scored for accuracy and compliance through a unique Trust Score system.