Where there is Regulation there is opportunity

Hey folks,

It’s Friday again and we are gearing up to release series 7 of the Influential Visions Podcast, where we will be discussing Ai, Jobs, DEI and a number of other really important business topics that affect us all.

In the meantime, we wanted to expand upon what we shared last week in issue 102 on the EU AI act which will be forging ahead.

The European Artificial Intelligence Act (AI Act) is a world-first piece of legislation that aims to regulate the development and use of AI systems within the European Union.

Much like GDPR these AI acts and ESG goals will create opportunity, more on that below!

Across the pond in the USA there are talks about new AI regulations underway, and there are already several AI legislation acts that are in place.

The US government is currently developing a more comprehensive approach to AI regulation and will expand on the 2021 Blueprint for an AI Bill of Rights, which outlines a set of principles that should guide the development and use of AI systems.

Here are some examples of specific AI legislation in the USA:

  • AI in Government Act of 2020: This law codifies into law the GSA AI Center of Excellence and calls for the development of guidance for agency use of AI.
  • Executive Order 13960, Promoting the Use of Trustworthy AI in the Federal Government: This executive order establishes a number of requirements for the federal government’s use of AI, including transparency, accountability, and fairness.
  • New York City Local Law 144: This law requires employers to conduct bias audits of AI-enabled tools used for employment decisions.
  • Illinois Artificial Intelligence Video Interview Act: This law prohibits employers from using AI-powered video interviewing systems that make decisions about applicants without giving them a human interview.
  • Washington State Algorithm Accountability Act: This law requires businesses to provide consumers with information about how AI systems are used to make decisions about them.

As AI technology continues to develop and be used in more and more ways, we can expect to see even more legislation emerge to regulate its use.

Where there is legislation there is also opportunity:

AI engineers: AI engineers design, develop, and maintain AI systems. They are in high demand across a wide range of industries, including healthcare, finance, and manufacturing.

Data scientists: Data scientists collect, clean, and analyse data to train and improve AI systems. They are also in high demand across a wide range of industries.

ESG specialists: ESG specialists help businesses to meet their environmental, social, and governance goals. They are in increasing demand as businesses become more focused on sustainability and social responsibility.

AI auditors: AI auditors assess the risks and potential harms of AI systems. They are in increasing demand as businesses become more aware of the ethical implications of AI.

Machine learning engineers: Machine learning engineers develop and maintain the algorithms that power AI systems. They are in high demand across a wide range of industries.

Content moderators: Content moderators review and remove harmful content from online platforms. They are in increasing demand as social media platforms become more focused on content moderation.

AI ethicists: AI ethicists develop and promote ethical guidelines for the development and use of AI. They are in increasing demand as businesses and governments become more aware of the ethical implications of AI.

In addition to these new jobs, the new AI and ESG acts are also likely to lead to the creation of new industries and markets. For example, there is a growing demand for AI-powered products and services that can help businesses to reduce their environmental impact and operate more sustainably.

See you next week!

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