The European Commission has released updated Model Contractual Clauses for AI Procurement (MCC-AI) to assist public-sector buyers in navigating AI procurement under the EU AI Act. These clauses serve as a practical tool for both public and private organizations to meet legal obligations when providing or procuring AI systems, especially high-risk solutions.
The European Union’s AI Act is set to be enforced next year, with many organizations already falling behind in their compliance efforts. CIOs play a crucial role in guiding their organizations through this process, emphasizing the importance of early action and collaboration across various departments.
The European Union’s regulations on artificial intelligence present challenges for organizations dealing with sensitive personal data, especially regarding compliance with both the AI Act and GDPR. This regulatory gap creates uncertainty as organizations strive to ensure their AI systems are fair while adhering to data protection laws.
The EU AI Act, which aims to regulate artificial intelligence systems based on their risk levels, is set to come into force on August 1, 2024. It will apply to all 27 EU member states and even entities outside the EU that provide AI systems impacting users within the EU.
The European Union’s Artificial Intelligence Act (EU AI Act) is a significant legislation aimed at regulating AI systems within the EU to ensure safety, transparency, and accountability. With the Act becoming law on August 2, 2024, companies must prepare for a series of compliance deadlines over the next few years.
The draft Code of Practice on General-Purpose Artificial Intelligence (GPAI) aims to assist AI companies in complying with the EU’s AI Act, focusing on transparency, copyright, and risk assessment. However, the tech industry has raised significant concerns about the draft’s burdensome requirements and its potential impact on innovation.
The EU AI Act is the world’s first regulation dedicated to artificial intelligence, establishing a structured framework to ensure the ethical use and innovation of AI technologies. It categorizes AI applications based on their risk levels and imposes compliance requirements to foster trust and protect fundamental rights.
The EU’s AI Act aims to establish a uniform legal framework for AI systems, promoting human-centric and trustworthy AI while ensuring protection of health, safety, and fundamental rights. As of February 2, 2025, the Act imposes obligations such as ensuring AI literacy and prohibits practices deemed unacceptable, with significant penalties for non-compliance.
This blog post explores the potential overlaps and contradictions between the EU’s AI Act and the General Data Protection Regulation (GDPR). It highlights the importance of understanding how both regulations interact, particularly regarding the processing of personal data by AI systems.
The EU AI Act establishes a regulatory framework for AI that requires businesses operating in Europe to meet new standards for transparency, data quality, and bias reduction. While compliance may seem challenging, it presents opportunities for enhanced AI literacy within finance teams, enabling better understanding and utilization of AI to support informed decision-making.