Category: News

Categories
News

European Committees support EU AI Act in anticipation of Full Parliament Vote

The civil liberties (LIBE) and internal market (IMCO) committees of the European Parliament have overwhelmingly supported a draft legislation outlining a risk-based framework for the regulation of Artificial intelligence applications. 

In a morning vote, the committees favored the compromise reached with EU Member States in the extensive three-way ‘trilogue’ talks held at the end of 2023, with a vote of 71-8 (with seven abstentions).

The EU AI Act, initially proposed by the Commission in April 2021, establishes regulations for AI developers based on their models’ capabilities or intended applications. It encompasses a list of prohibited AI uses, such as social scoring and outlines rules for specific high-risk applications in areas like education, health or employment, including obligations related to data quality, testing and risk assessment. Moreover, it imposes transparency requirements on general-purpose AIs, deepfakes and AI chatbots.

The majority of AI applications are categorised as ‘low risk’ and fall outside the law’s scope. The plan also includes provisions for the creation of regulatory sandboxes at the national level, allowing developers to develop, train and test risky applications under supervised real-world conditions.

While the Commission’s initial proposal for an AI rulebook did not generate much attention three years ago, recent advancements in generative AI have thrust the plan into the global spotlight, causing divisions among EU lawmakers. MEPs sought to amend the proposal to include powerful general-purpose AIs, while some Member States, led by France, advocated for a regulatory exemption for advanced AIs to foster national champions.

After marathon trilogue talks in December 2023, a compromise text was reached, incorporating provisions for general-purpose AIs. However, some governments continued to express opposition. A critical Member State vote earlier this month paved the way for the likely adoption of the AI rulebook in a few months, though the draft law still faces a plenary vote in the parliament and a final Council endorsement.

The phased rollout of the Act is expected to impose legal requirements on developers within the scope between 2024 and 2027. Specific timelines include nine months for a code of practice, 12 months for rules on general-purpose AI, and full applicability 24 months after entry into force. High-risk systems have an extended application timeframe of 36 months.

Despite the anticipated passage in the parliament plenary vote, opposition persists, with the Pirate Party, for instance, declining to support what its MEPs deem a “flawed” law. Pirate Party MEPs have expressed concerns about the potential for permanent facial surveillance in real-time and the normalisation of a culture of mistrust in a high-tech surveillance state.

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

Categories
News Presentations

Case Study: Elevating Eshopworld’s Sales Kick-Off Event with AI Expertise

Mark Kelly founder of AI Ireland was thrilled to partner with ESW for their sales kick-off event, marking a significant highlight in his professional engagements.

Eshopworld, a beacon of innovation in e-commerce solutions, is acclaimed for its bespoke platform tailored for global retailers. This platform is dedicated to optimising operations and elevating customer experiences, ensuring retailers are at the forefront of the rapidly evolving e-commerce landscape.

The event took place at the Dublin Convention Centre, focusing on Eshopworld’s ambitious expansion plans in North America and celebrating its successful collaborations with esteemed customers like Tommy Hilfiger and Calvin Klein. 

These partnerships have triumphed over the challenges of the e-commerce sector, underscoring Eshopworld’s leadership and its pivotal role in driving technological innovation to foster growth and make a significant e-commerce impact.

During the panel session, Mark Kelly joined forces with ESW’s CEO Eric Eichmann, Anne Sheehan, GM of Microsoft Ireland, and Dan Murphy, VP of Engineering at ESW, to delve into AI’s influence on productivity ethics and regulation.

Adapting to contemporary work dynamics, ESW hosted a hybrid event, welcoming around 200 attendees in person, while a global audience participated virtually. 

Reflecting on the collaboration, Mark shared his enthusiasm:” Working with the Eshopworld team was an absolute delight. Their engagement and energy were infectious, creating an ideal environment that was dynamic, responsive, and interactive. I eagerly anticipate future opportunities to collaborate with ESW.”

Testimonial

“I highly recommend Mark for his exceptional contribution as a panellist at our recent company panel discussion on AI. Mark’s expertise, collaborative approach, and dedication to delivering insightful content significantly enriched the conversation. We received overwhelmingly positive feedback from our employees who attended the panel discussion. 

“Mark was commended for his clear and engaging communication style, making complex AI concepts accessible to a diverse audience. Employees especially valued the passion and practical insights shared, finding great value in the discussion’s collaborative and interactive nature.

“Mark not only contributed a wealth of knowledge about AI but also showed a genuine commitment to collaboration and preparation, ensuring the discussion was filled with real insights and learning opportunities. I would strongly recommend him as a speaker for any future events or discussions related to AI.”

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

Categories
News

Navigating the Impact of AI on the Global Economy: Balancing Opportunities and Challenges

We stand at the edge of a transformative technological revolution poised to enhance productivity, foster global growth and elevate incomes worldwide. However, the advent of Artificial Intelligence also raises concerns about potential job displacement and deepening inequality.

The rapid progression of AI has sparked both enthusiasm and apprehension globally, prompting a critical examination of its prospective impact on the world economy. As AI’s effects on economies unfold in intricate ways, there is a pressing need for well-thought-out policies to harness its vast potential for the greater good.

Reshaping the Work Landscape

An insightful analysis by the International Monetary Fund (IMF) delves into the potential implications of AI on the global job market. While numerous studies have projected job replacement by AI, it is essential to recognise that AI is likely to complement human labor in many instances. The IMF’s analysis captures the dual nature of this impact.

Notably, almost 40 percent of global employment is susceptible to AI. Unlike previous technological advancements that primarily affected routine tasks, AI has the capability to impact high-skilled jobs, posing both risks and opportunities. Advanced economies face heightened vulnerability but also greater potential to leverage AI advantages compared to emerging market and developing economies.

In advanced economies, approximately 60 percent of jobs may feel the impact of AI, with about half of them benefiting from enhanced productivity. However, the other half faces the risk of lower labor demand, resulting in reduced wages and potential job losses. In contrast, emerging markets and low-income countries face fewer immediate disruptions, but the lack of infrastructure and skilled workforces raises concerns about potential long-term inequality.

AI’s Impact on Income and Wealth Inequality

AI’s influence extends to income and wealth inequality within countries, potentially creating disparities among income brackets. Workers adept at harnessing AI may experience increased productivity and wages, while those unable to adapt may fall behind. Younger workers may find it easier to exploit AI opportunities, exacerbating age-related disparities.

The extent of AI’s impact on labor income hinges on its complementarity with high-income workers. If AI significantly complements higher-income workers, it could disproportionately increase their labour income, contributing to overall inequality. Policymakers must proactively address these trends, establishing comprehensive social safety nets and retraining programs to make the AI transition more inclusive and curb inequality.

Fostering an Inclusive AI-Driven World

The rapid integration of AI into global businesses emphasises the urgency for policymakers to take proactive measures. The IMF’s AI Preparedness Index, gauging readiness in digital infrastructure, human capital, innovation and regulation, offers valuable insights to guide countries in crafting effective policies.

Notably, wealthier economies, including advanced and some emerging markets, exhibit better AI adoption readiness. Advanced economies should prioritize AI innovation and integration, accompanied by robust regulatory frameworks, to cultivate a safe and responsible AI environment. 

In contrast, emerging market and developing economies should focus on laying strong foundations through investments in digital infrastructure and a digitally competent workforce.

Mark Kelly, Founder at AI Ireland believes the transformative potential of AI represents a crucial juncture for humanity.

“AI’s transformative power presents a pivotal moment for humanity; navigating its impact requires proactive policies that ensure shared prosperity and inclusive growth,” he said.

As we usher in the AI era, proactive policymaking can ensure that it fosters prosperity for all. For an in-depth exploration of AI’s impact on the economy, refer to the December issue of Finance & Development, the IMF’s quarterly magazine.

 

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

Categories
News

Balancing Innovation with Responsibility: The Evolving Role of AI in Finance

In the evolving landscape of the financial industry, the emergence of Generative AI has marked a significant milestone. Whilst this technology has gained notable attention, it constitutes just a fraction of the broader AI integration within the sector. The focus remains on harnessing AI’s capabilities responsibly and effectively.

Generative AI: A Growing Yet Limited Presence in Finance

A year since ChatGPT’s launch by OpenAI, Generative AI has indeed become a buzzword in the financial services sector. Despite its growing prominence, it remains a limited aspect of the industry’s wider AI adoption. This cautious approach is aligned with the sector’s commitment to responsible AI implementation.

The AI Summit NY Insights: Focus Beyond Generative AI

At The AI Summit NY, the finance track highlighted key areas beyond Generative AI. Emphasis was placed on using AI to enhance efficiency, combat bias and adhere to emerging regulations such as the EU AI Act. This indicates a balanced approach to AI’s potentials and pitfalls.

Addressing Bias in Lending: Lessons from Lloyd’s and Foresters Financial

The challenge of bias in AI-driven lending decisions was exemplified by the Apple Card incident. Dr. Paul Dongha of Lloyds Banking Group emphasised the integration of ethics throughout the data science lifecycle. Similarly, Mirka Snyder Caron of Foresters Financial discussed employing structured frameworks to manage AI’s data lifecycle, underscoring the importance of responsible AI deployment.

Mastercard’s Diverse AI Applications

Mastercard showcases AI’s multifaceted utility, employing it in areas ranging from fraud detection to vulnerability analysis. This diverse application spectrum demonstrates AI’s transformative impact in the financial domain.

AI Strategy: Balancing Innovation and Prudence

Leadership support and strategic implementation are crucial for AI’s success, as noted by Jessica Peretta of Mastercard. The emphasis on starting with manageable projects and scaling up reflects a prudent approach to AI adoption.

Distinguishing AI Types: Foundational and Traditional Models

AI’s diversity was highlighted by Rashida Richardson of Mastercard. She differentiated between traditional, specific-purpose AI models and foundational, general-purpose ones. This distinction is vital for addressing various risks and governance needs.

Generative AI: A New Breed in AI Evolution

The classification of Generative AI as a “new breed” rather than a “new species” by Mastercard’s Jessica Peretta encapsulates its innovative yet integrative nature within the AI ecosystem.

Internal Workflow Enhancement through Generative AI

Generative AI has revolutionised internal workflows, streamlining tasks across business analysis, compliance and content creation. Its versatility in language processing and content generation demonstrates its efficiency and cross-functional applicability.

External Product Enhancement via AI in Financial Services

AI’s role in data-driven financial services is profound, particularly in risk management and fraud detection. Machine Learning enables sophisticated pattern recognition, enhancing fintech product development and security measures.

Organisational Optimisation and AI’s Dual Role

AI’s contribution to financial services extends to organisational optimisation, balancing growth and cost-efficiency. However, balancing AI’s benefits with human workforce relevance remains a critical challenge.

The Unifying Factor: Predictability in AI Applications

The common thread across AI applications is predictability. Leveraging voluminous data, AI models can forecast outcomes, provided there’s careful management of data sources to avoid proprietary data mix-ups.

Mark Kelly, Founder at AI Ireland values Generative AI in finance, emphasising ethical integration for sustainable, globally trusted financial practices.

“As the founder of AI Ireland, I recognise the profound implications of Generative AI in the financial sector. However, it’s important to remember that it’s just one aspect of a much larger AI ecosystem. The industry’s commitment to responsible AI integration, as seen through initiatives like the EU AI Act and the proactive steps taken to combat bias in AI-driven decisions, is commendable. 

“This balanced approach—prioritising ethics and efficiency—is not just about harnessing technology, but about shaping a future where AI supports sustainable and equitable financial practices. It’s this thoughtful integration of AI that will truly drive innovation and trust in the financial industry, both in Ireland and globally.”

In summary, whilst Generative AI has become a focal point in financial services, the industry is navigating its adoption with a broader, more responsible perspective. This includes tackling ethical challenges, leveraging AI for diverse functions, and maintaining a strategic balance in AI implementation. The future of AI in finance hinges on this multifaceted, cautious, yet innovative approach.

Click here to contact us today if interested in partaking in our AI in Finance Training and Workshops

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

Categories
News

EU AI Act Final Draft: Navigating the AI Act’s Impact on Organisations

The unveiling of the final text of the AI Act marks a pivotal moment in the regulatory landscape for Artificial Intelligence. With the Act swiftly progressing, organisations need to promptly adapt their AI strategies to meet the new legal and ethical standards.

In this article, AI Ireland delve into the critical aspects of the AI Act, highlighting recent significant changes and offering strategic insights to ensure organisations are both compliant and successful in the evolving AI environment.

Prohibited AI Systems

The final text of the AI Act prohibits various AI practices to safeguard against manipulation and harm. Noteworthy prohibitions include the use of AI systems employing subliminal techniques or exploiting vulnerabilities based on age, disability or social situations. 

Additionally, biometric categorisation systems inferring sensitive information and real-time remote biometric identification in public spaces for law enforcement are restricted. The Act also addresses concerns related to profiling and the creation of facial recognition databases through untargeted scraping.

High-Risk AI Systems

A significant change in the final text is the classification of AI systems as high-risk based on specific criteria, with a particular emphasis on profiling natural persons. Providers must undergo an AI Impact Assessment and register their systems in the EU database. Notably, the Act applies not only to providers placing AI systems on the market but also to deployers of general-purpose AI models, regardless of their location.

General Purpose AI

The AI Act introduces General Purpose AI models (GPAI models) as a new addition, defining them as models displaying significant generality and capable of performing a wide range of tasks. Notably, the Act exempts AI models used for research and development activities before market release. GPAI models, especially those with systemic risk, are subject to specific obligations, including standardised evaluations, risk assessments, and cooperation with authorities.

Deep Fakes

In the context of elections and beyond, the Act addresses deep fakes, requiring disclosure when an AI system generates or manipulates image, audio or video content. Notably, exemptions exist for authorised law enforcement use and artistic, creative, satirical or fictional works.

Human Oversight and Employer Obligations

The Act emphasises the importance of human oversight proportional to the risks and autonomy of AI systems. Employers deploying high-risk AI systems must inform workers and their representatives, aligning with EU and national laws and practices.

Codes of Practice

The AI Office plays a pivotal role in developing codes of practice to support the AI Act’s application. Involving various stakeholders, including AI model providers, the codes aim to ensure compliance with specific articles, focusing on key performance indicators and the interests of relevant parties.

Testing AI Systems

The AI Act’s final draft outlines conditions for testing high-risk AI systems outside regulatory sandboxes, emphasising ethical guidelines, informed consent and liability for damages caused during testing. SMEs and startups are given priority access to regulatory sandboxes.

Third-Party Agreements and Technical Documentation

Providers of high-risk AI systems must have written agreements with third parties, similar to GDPR obligations. Technical documentation requirements differ for SMEs and startups, providing a simplified submission process.

Fines and Timelines

Non-compliance with the AI Act incurs fines based on the severity of violations. The Act becomes applicable to prohibited systems in six months, GPAI models in 12 months and high-risk AI systems in 36 months.

Strategic Steps for Organisations

Organisations must proactively align their AI systems with the AI Act’s ethical and legal standards. Key steps include rigorous evaluations, robust documentation, disclosure measures for AI-generated content, investment in human oversight, transparent communication with employees, meticulous data governance, preparation for compliance costs, staying informed and strategic planning for timelines.

Mark Kelly, Founder at AI Ireland said the AI Act signifies a crucial shift towards responsible AI governance, urging organisations to embrace ethical AI aligned with societal value.

“I welcome the final text of the AI Act as a significant stride towards responsible AI governance. This Act represents a pivotal shift in our approach to AI, blending legal compliance with ethical responsibility, ” he said.

“It is vital for organisations to recognise that this is not just about meeting regulatory requirements but about embracing a culture of ethical AI use that aligns with our societal values. The Act’s emphasis on prohibited and high-risk AI systems, along with the introduction of general-purpose AI models and provisions on deep fakes, underscores the need for a comprehensive and forward-thinking AI strategy. 

“Organisations must act swiftly and strategically to adapt, ensuring their AI systems are not only compliant but also ethically aligned and socially responsible. This is an opportunity for businesses to lead in the era of AI by championing transparency, accountability, and human-centric AI practices.” 

The AI Act presents a paradigm shift in the regulatory landscape, requiring organizations to navigate multifaceted challenges and opportunities. By embracing a proactive approach, organisations can ensure compliance, maintain ethical standards and position themselves for success in the dynamic AI-driven regulatory environment. As the Act shapes the future of AI governance, strategic adaptation becomes imperative for organisations to thrive in this new era.

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

Categories
News

Ireland’s AI Advisory Council Convenes for the First Time

This past Wednesday, January 17th 2024, marked a pivotal moment in Ireland’s journey towards the integration and ethical application of Artificial Intelligence. 

The Government’s AI Advisory Council convened for its inaugural meeting, embarking on a mission to steer the nation’s AI policy with a human-centric and trustworthy approach.

Established to offer independent expert advice, the council is set to play a crucial role in shaping the future of AI in Ireland. It aims to build public trust and promote the development of AI solutions that are centered around people’s needs and well-being.

Roles and Responsibilities of the AI Advisory Council

The council’s primary role involves providing expert guidance, insights and recommendations to the Government on specific AI-related matters. In addition, the council will develop and deliver its own workplan, offering advice on various aspects of AI policy.

Diverse Expertise on the Council

Comprising members from diverse fields such as academia, business, law, security, social sciences, economics and civil society, the council offers a rich tapestry of perspectives. These members were carefully selected by the Government following a public call for expressions of interest and they serve in a voluntary capacity, meeting a minimum of three times a year.

Government’s Vision for AI

Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, expressed his ambition for Ireland to lead in the use of AI. “Our goal is to benefit our people through a human-centered and ethical approach to AI adoption and use,” he stated. This highlighted the foundational elements present in our National AI Strategy.

Dr. Patricia Scanlon’s Leadership

Dr. Patricia Scanlon, Ireland’s AI Ambassador since 2022, takes the helm as the chair of the AI Advisory Council. “I am excited to guide the council in offering timely, impactful recommendations and advice to the Government,” said Dr. Scanlon. Her leadership is expected to bring a strategic focus to the council’s efforts, particularly in demystifying AI technology and providing foresight on emerging trends and challenges.

Mark Kelly, Founder of AI Ireland commented on the development stating: “As the founder of AI Ireland, I applaud the establishment of the Government’s AI Advisory Council. The diverse backgrounds of the council members promise a comprehensive approach to AI policy. This initiative aligns perfectly with our ethos at AI Ireland, advocating for a human-centred and ethical application of AI. 

“The council’s focus on building public trust and formulating person-centred AI policies is crucial for sustainable and beneficial AI adoption. Under Dr. Patricia Scanlon’s leadership, the council will provide invaluable guidance, ensuring Ireland’s position as a leader in ethical AI usage. Their work will undoubtedly contribute to the responsible and innovative growth of AI in Ireland, benefiting our society and economy alike.”

This inaugural meeting of the AI Advisory Council is a significant step towards harnessing AI for the common good. AI Ireland eagerly anticipates the council’s contributions to the nation’s AI strategy and policies.

Interested in being trained in AI? Find out more about our AI in public sector training here.

 

AI Unleashed: Navigating the AI Revolution

Accessible for purchase on Amazon, AI Ireland’s latest book “AI Unleashed: Navigating the AI Revolution,” is your must read for 2024. For executives, policy architects or technology aficionados seeking to make sense of the intricate world of AI, “AI Unleashed: Navigating the AI Revolution” is your essential handbook. Available on Amazon Kindle or hard copy, this book furnishes you with the expertise and instruments required to employ AI both effectively and ethically.

Book an AI Presentation with AI Ireland today

Discover tailored presentations designed to meet the unique needs of your industry. Gain invaluable insights into the transformative power of AI technologies, ensuring your organisation stays ahead of the curve. Equip your team and stakeholders with the knowledge they need to confidently embrace the future.

Don’t miss the chance to enlighten your team and explore how innovation is positively impacting your industry. Secure your presentation now!

featured image credited to rte.ie