G7 nations unite for AI code of conduct. Here’s what you need to know

By Laio

Seven of the world’s most influential economies will agree on a code of conduct for AI development today. This landmark declaration aims to promote the safe and trustworthy use of AI worldwide. The voluntary code urges companies to identify and mitigate risks across the AI life cycle. It also addresses the need for public reports on the use and misuse of AI systems.

A landmark for AI governance

The acceptance of a code of conduct for AI development by the G7 countries is a significant step forward in providing a framework for the ethical and safe use of AI. This code of conduct, which is voluntary, encourages companies developing advanced AI systems to be proactive in identifying, evaluating, and addressing any potential risks. It also calls for transparency, urging companies to publish public reports on their AI systems’ capabilities, limitations, and potential misuse.

Moreover, the code highlights the importance of investing in robust security controls. This new code of conduct is a direct response to growing privacy concerns and security risks associated with AI systems. It’s a significant move, as these seven countries – Canada, France, Germany, Italy, Japan, the UK, and the US, along with the European Union – make up a considerable portion of the global economy.

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Contrasting approaches to AI regulation

While the G7 agreement is a collective effort, it’s worth noting the different approaches to AI regulation taken by the EU and the US. The EU has adopted a more comprehensive strategy with its hard-hitting AI Act. This legislation uses a risk-based approach to regulate AI applications, categorising them into different tiers. High-risk AI systems, for example, must meet certain requirements or face fines.

The US, on the other hand, has a more decentralised approach, with AI risk management distributed across federal agencies. Although the US has made progress in developing common metrics for trustworthy AI and agreed to collaborate on international AI standards, it has been slower to create comprehensive legislation. Only five out of 41 major agencies have developed AI regulatory plans as required.

Aligning for the future

Despite these differences, it’s clear that both the EU and the US recognise the importance of aligning their approaches to AI regulation. As the world continues to grapple with the complexities of AI, the G7’s code of conduct and the ongoing efforts of the EU and US to align their strategies serve as important steps towards creating a safer, more regulated future for AI technology.