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What is the Impact of the EU’S AI Act? (Roundtable Interview)

January 26, 2024 - The EU’s AI Act, passed in December 2023, marks a significant milestone in AI regulation, aiming to ensure safety, trustworthiness, and respect for fundamental rights. Key provisions include classifying AI based on risk, prohibiting harmful AI practices, mandating transparency and explainability, and safeguarding against bias and discrimination. The Act is set to be formally adopted and enforced between 2024 and 2027, allowing businesses time to comply. Julie Myers Wood shares her expertise on how to be prepared. “We recommend that all companies think through what obligations they will have under the Act, what compliance looks like for them, and start the process well in advance,” emphasized Julie.