The United Kingdom and United States have unveiled a fresh collaboration move on AI safety in a bid to address mounting worries over the technology’s rapid evolution and what it may mean for business.

Commerce Secretary Gina Raimondo and her British counterpart, Technology Secretary Michelle Donelan, penned a joint agreement in Washington earlier this week, which will pave the way for further partnerships in enhanced AI model testing.

Describing how AI wizardry is a fundamental part of current generations’ growth, Gina Raimondo stated: “This partnership will accelerate both of our institutes’ work across the full spectrum to address the risks of our national security concerns and the concerns of our broader society. 

The two powers are just some of the nations in the process of setting up safety organizations through their respective governments. Just five months ago, Britain emphasised how its institute would assess and test new iterations of AI. This was followed in November by an announcement from the US, establishing intent to green-light its own safeguarding institute to analyse risks posed by “frontier” AI models. Around 200 companies are now said to be involved in the venture.

The new transatlantic cooperation would see the US and Britain carry out a minimum of one test run on an AI model that is fully accessible to the public. The nations are also pushing to forge similar alliances with other countries in order to champion AI safety.

Donelan said: “AI is already an extraordinary force for good in our society, and has vast potential to tackle some of the world’s biggest challenges, but only if we are able to grip those risks. 

Generative AI, capable of producing text, images, and videos based on vague prompts, has sparked both enthusiasm and concern. There are fears it could render certain jobs redundant, influence elections, and even surpass human control with dire consequences.

Both Raimondo and Donelan have been outspoken regarding the need to address risk associated with machine learning. 

“Time is of the essence because the next set of models are about to be released, which will be much, much more capable. We have a focus one the areas that we are dividing and conquering and really specializing,” Donelan said.

Speaking to GRC World Forums recently, AI researcher, Martin Goodson outlined strategy that both regulators and industry leaders should follow to ensure AI tech is leveraged safely.

“Regulation should not curb innovation. In AI, significant innovation occurs in open-source AI models. Open-source models offer a collaborative public good, and it’s important that their value is recognised and their development supported,” Goodson said.

“Ultimately, it would be great to see regulation that equalises the relationship between privately owned companies and the public sphere. For context, the US government invested $3.3 billion in AI: a seemingly sizeable sum. In contrast, in February, Sam Altman sought up to $7 trillion in funding for OpenAI. Currently, there is a real risk that regulations will continue to allow AI to be developed only for profit rather than equitable societal good,” he added.

Know the risks

The evolution of AI regulation and business use-cases fall under the microscope this month at PrivSec & GRC Connect Chicago.

Not to be missed at PrivSec & GRC Connect Chicago:

AI Regulation: What Businesses Need to Know in 2024

  • Date: Wednesday 17 April, 2024
  • 14:15-15:00pm CST

This discussion convenes experts at the intersection of artificial intelligence (AI) and regulatory compliance to provide insights into the evolving landscape of AI governance. Against the backdrop of rapid technological advancements and increasing public scrutiny, the panel will delve into crucial topics such as emerging regulatory frameworks, ethical considerations, data privacy concerns and the impact of AI on various industries.

Attendees will gain a comprehensive understanding of the regulatory landscape surrounding AI in 2024, enabling businesses to navigate compliance challenges effectively while harnessing the transformative potential of AI responsibly and ethically.

Discover more at PrivSec & GRC Connect Chicago

GRC, Data Protection, Security and Privacy professionals face ongoing challenges to help mitigate risk, comply with regulations, and help achieve their business objectives - they must…

  • Continually adopt new technologies to improve efficiency and effectiveness.
  • Build a culture of compliance and risk awareness throughout the organisation.
  • Communicate effectively with stakeholders and keep them informed of GRC activities.

PrivSec & GRC Connect Chicago takes you to the edge of the debate, uniting the most influential GRC, Data Protection, Privacy and Security professionals, to present, debate, learn and exchange ideas.

This dynamic and content-rich experience takes place over April 16-17 at the Crowne Plaza Chicago West Loop.

Click here to register for free to PrivSec & GRC Connect Chicago