By Neil Hodge2023-06-29T12:09:00
Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.
The legislation, which applies throughout the European Union but also has extraterritorial effect, is due to be finalized by the end of the year and come into force by 2027. Companies breaching the rules could face fines up to 6 percent of global turnover or 30 million euros (U.S. $33 million)—whichever is higher.
Chris Eastham, a technology partner at law firm Fieldfisher, said compliance functions “do not yet have a full enough grasp of their AI risk exposure,” while governance measures are “piecemeal or nonexistent” in most businesses.
2023-12-12T19:41:00Z By Kyle Brasseur
The European Union’s landmark legal framework to regulate artificial intelligence received political agreement, moving one step closer to official adoption.
2023-10-20T14:14:00Z By Neil Hodge
Companies need to be aware of the legal risks and liabilities associated with their use of AI-based technologies, as technology firms are not the only ones in regulators’ sights, a panel of experts discussed at Compliance Week’s Europe conference in London.
2023-07-06T15:33:00Z By Neil Hodge
Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.
2025-09-15T16:47:00Z By Ruth Prickett
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
2025-09-10T23:26:00Z By Ruth Prickett
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
2025-09-08T05:00:00Z By Oscar Gonzalez
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.
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