Artificial Intelligence (AI) and Machine Learning (ML) technologies have witnessed exponential growth in recent years, revolutionising various sectors. However, with great power comes great responsibility. Governing and regulating AI and ML are crucial to ensure ethical and accountable use of these technologies, protecting individuals, society, and fostering innovation.

Regulation plays a vital role in addressing the risks and potential harms associated with AI and ML. While these technologies offer immense potential, they also present challenges related to privacy, bias, accountability, and transparency. Regulation serves as a safeguard to prevent the misuse or unintended consequences of AI systems, promoting fairness, and protecting individual rights. It establishes a framework that sets clear boundaries and expectations, instilling public trust and confidence in the technology.

Recognising the urgency and importance of governing AI and ML, several countries and organisations are developing draft regulations to address the unique challenges presented by these technologies. These regulations aim to strike a balance between fostering innovation and protecting against potential harms. For instance, On Wednesday the 14 June, the European Parliament, had overwhelming support in approving its draft proposal for an AI Act. This was two years in the making and marks a significant step towards finalising the world's first comprehensive law on Artificial Intelligence.

Organisations must start thinking about establishing a robust framework to navigate and comply with the evolving regulatory landscape surrounding AI and ML. This involves understanding the specific requirements set forth by upcoming regulations, conducting impact assessments, implementing governance structures, and ensuring accountability for AI systems. Organisations should also invest in regular audits, testing, and monitoring to ensure ongoing compliance and address any emerging risks effectively. Collaboration with regulatory bodies, industry peers, experts and within internal departments is crucial in developing best practices and shared standards, promoting responsible and ethical AI adoption.

Addressing the complex challenges associated with AI and ML requires a collaborative approach. Industry stakeholders, governments, researchers, and civil society organisations must come together to develop comprehensive solutions. Collaborative initiatives can include the establishment of industry standards, sharing of best practices, and the creation of platforms for knowledge exchange. By working collaboratively, it becomes possible to identify emerging risks, develop effective regulatory mechanisms, and foster innovation while protecting against potential harms.

“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.

Regulating AI and ML is essential to ensure responsible and ethical use of these transformative technologies. With draft regulations coming into force, organisations must proactively manage their regulatory requirements. It is also critical that organisations do not leave it too late to act, by establishing a robust framework and fostering collaboration, we can create a future where AI and ML drive innovation while upholding fundamental values and safeguarding the well-being of individuals and society.