Banking & Finance

EU Policy and Investment Recommendations for Artificial Intelligence

In June the EU’s High Level Expert Group on Artificial Intelligence (the HLEG)  published revised ethics Guidelines and launched a pilot phase for testing their ethics assessment (click here for our report).  Shortly after this the HLEG  addressed its broader policy and investment recommendations to EU institutions and Member States.  These comprise 33 detailed recommendations which focus on:

  • enhancing individual and societal well-being and the common good, through education and the responsible development of beneficial AI;
  • transforming Europe’s private sector to fully utilise and compete in an AI enabled environment;
  • helping governments use AI to make better evidence-based policy-making decisions and deliver better services to individuals, groups and organisations; and
  • developing and maintaining a world class AI research base in the EU.

Key Takeaways

The HLEG highlights 11 main takeaways for policy makers from their detailed recommendations,  summarised below:

  1. Empowering and protecting humans and society should be a core focus: EU states should focus on ensuring  individuals grasp  the capabilities, limitations and impacts of AI,  have  the skills to use AI technology and are prepared for a working environment where AI systems will become ever more prevalent.  There must be adequate safeguards from any adverse impacts.
  2. A tailored approach to AI is recommended: Member states should be looking at AI’s overall impact on – and potential for – society, while simultaneously understanding the different sensitivities and risks arising in different contexts and products.
  3. A Single European Market for Trustworthy AI is the goal: e.g. harmonisation of legislation across Europe, removing barriers to lawful, ethical and robust AI-enabled goods and services.
  4. AI ecosystems should be fostered through sectoral multi-stakeholder alliances: All relevant actors – from civil society, industry, the public sector and research and academia should collaborate to create vibrant AI ecosystems on a sectoral basis –  HLEG proposes to do further groundwork for this in the second half of 2019.
  5. Action is needed to foster the European data economy: Policy actions are needed to facilitate data access, data sharing, use of data, re-use of data and data interoperability (and the necessary physical infrastructure).
  6. The multi-faceted role of the public sector should be exploited: It is uniquely placed, through procurement and the support of innovation in delivering services, to deliver and promote human-centric and Trustworthy AI services, leading by example.
  7. Europe’s research capabilities should be strengthened and united. The currently distributed research landscape should collaborate together (and with the public and private sectors) to provide intellectual and commercial leadership in AI.
  8. Education is critical. Education on AI’s capabilities, challenges and limitations and AI skills is needed. Continuous learning must secure the re- and up-skilling of individuals for the new digital era.
  9. Risk-based governance and regulation should be adopted. A comprehensive mapping of relevant EU laws should be undertaken to assess . ew legal measures and governance mechanisms may need to be put in place to ensure adequate protection, enforcement and oversight.
  10. An open and lucrative investment environment should be stimulated. Significant private sector support will be needed. Multi-stakeholder alliances across policy-makers, industry and academia as well as society, can help securing those investment.
  11. The EU should embrace a holistic way of working, combing a 10-year vision with a rolling action plan. A framework is needed that allows continuous monitoring of the landscape as well as impactful actions on a short-term rolling basis.

Click here for a copy of the full recommendations.

Karen Fountain

Partner at Brodies LLP
Karen is a partner at Brodies in the corporate team. She has over 20 years' experience of advising leading financial institutions, funds and intuitional and strategic investors across the globe with a broad range of matters.
Karen Fountain