- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
2025-07-03T15:51:00Z By Ruth Prickett
The EU’s new strategy aims to boost SME growth and cut market barriers, but businesses doubt reforms will happen, and consumer groups fear weaker data protections.
2025-06-26T20:22:00Z By Oscar Gonzalez
In another sign of President Donald Trump’s focus on cryptocurrency, the head of the U.S. Federal Housing Finance Agency (FHFA) ordered Fannie Mae and Freddie Mac to create proposals to consider crypto assets for a single-family home mortgage.
2025-06-24T17:21:00Z By Ruth Prickett
Four years after Brexit, the U.K. and EU announced a “reset” that will ease barriers to importing and exporting food, drink, and agricultural produce. It may also harmonize rules around carbon emissions trading systems, simplifying compliance for multinational organizations that are large emitters, and enable more young people to gain ...
Site powered by Webvision Cloud