Regulating AI – which approach will prevail?

In February 2021 Travers Smith and techUK led a webinar which, amongst other issues, examined how the growing need to provide more transparency and possibly to formally report on the use of AI and algorithms could lead to the development of an effective audit and assurance framework. Since then, the EU has published its proposals, in April 2021, for a regulation to harmonise the rules on artificial intelligence across EU member states. "The draft AI regulation published by the European Union last week is significant because it's the first of its kind in the world – a comprehensive, cross-sectoral, supranational attempt to regulate artificial intelligence (AI) and algorithmic products across a range of'high-risk' sectors. While only a week old, the Commission's proposal has already achieved an impressive feat: it has shifted the policy window away from a conversation about whether to regulate artificial intelligence, opening up a new discourse about how to regulate artificial intelligence." In addition, in April 2021, the US Federal Trade Commission published a blog on "Aiming for truth, fairness, and equity in your company's use of AI" and the new Biden White House Administration has signalled its intent to take a lead on the global debate around AI, with a particular focus on not being outflanked by China – as laid out in the March 2021 final report of the US National Security Commission on AI.