Institute of Regulation and Deloitte recently hosted a roundtable exploring the Artificial Intelligence (AI), today’s hot issue. Participants to the roundtable, regulatory experts and professionals were posed three question:
1) How can UK regulators do what is required and being asked of them?
2) AI not only crosses regulatory domains but national boundaries, how can regulators overcome this to work collaboratively?
3) How can AI be leveraged to improve regulatory outcomes?
As emerged from the discussion, AI has a significant impact on regulators and regulation. With the rapid advancement of AI technology, regulators are faced with the challenge of understanding and keeping up with the complex algorithms and systems that power AI applications. They must grapple with developing appropriate regulations to ensure ethical and responsible use of AI while also fostering innovation and improving their effectiveness and efficiency. There is a blurring of sector lines also emerging, with AI often resulting in the oversight of regulators of different sectors focusing on similar issues, creating a need for regulators to collaborate and cooperate, perhaps more than they have ever had to before.
For slides and additional resources:
Discussing the Impact of AI on UK Regulators FINAL.pdf