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Matt Cooper , Director , GRC at Vanta
potential progress back . According to our research , over half of UK leaders ( 56 %) say they are more likely to invest in AI if it is regulated . Without action to correct this , there is a very real risk that UK businesses will continue to become sidetracked by manual work and fall behind in the long run as their international counterparts harness AI ’ s potential .
Creating the optimum environment for regulation
An urgent question we face in facilitating this is where do we look to drive this push for regulation ? There is a consensus that if governments take the lead , they may stifle innovation ; while if individuals take the lead , they could neglect protection . But in reality , the key to progress isn ’ t siding with one over the other – but finding the right balance between them .
This requires governments , academics and business leaders to work together to create the optimum environment for businesses to shape what regulation looks like . This means sharing AI-based research , insights and concerns and finding common ground for action .
Businesses can help by volunteering to participate in regulatory sandboxes that offer a low-risk environment for experimentation and innovation . This creates the right environment for risk mitigation but also gives regulators far better insights into emerging technologies – ones they can use to create more effective , real-world ready regulations .
At the same time , governments should focus on championing ethical AI . This could take the shape of clear governance frameworks and / or the promotion of accountability . They also need to set the right conditions for ethical AI to thrive – using the aforementioned regulatory sandboxes to speed up the pace of regulation so that responsible innovation is encouraged . They also need to encourage public-private partnerships that make knowledge sharing the new norm . Further , at a more macro level , education and training should be made available so that individuals are aware of the risks and the opportunities – and why collaboration is the way forward .
This might sound like utopia , but while the approaches of each party may differ , the desired end product is the same : an innovative and safe future with AI . By recognising our duty to work together and by pooling our insights and experiences to benefit regulation , we can build a future where AI is used to its potential .
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