How the EU AI Act will concretely impact your companies and how to get ready ….

By Sophie Le Goff, Pauline Baron and Rachel Jaoui

SOPHIE LE GOFF is Partner Insurance & Compliance at SIA Partners		PAULINE BARON is Senior Consultant Insurance at SIA Partners		RACHEL JAOUI is Consultant FSI at SIA Partners

After some years of seeming AI ‘prosperity’, the accumulation of scandals has shed light on the limitations to AI and have caught the eye of several regulators worldwide (UK, China, USA,…). Among them: the European Union, which is on its way to vote on the AI Act this year, with possible enforcement by 2025 or 2026 and notably high fines for non-compliance.
If this initiative by the EU Commission looks praiseworthy at first sight, digging into the details reveals several challenges and ambiguities which need to be clarified to assess the impact the text will have on companies, the main one being the distinction between what is considered a provider or a user. Notwithstanding, the major impacts on companies can already be assessed. What are they and how to cope with them?

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Disclaimer:

This article represents the opinion of the authors, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 33 – March 2023