Thomson Reuters: Know your AI: Compliance and regulatory considerations for financial services 

December 19, 2023

Europe has taken the lead globally on AI governance, with the EU’s Dec. 8 release of the EU AI Act. The European Commission also recently announced an agreement by G7 leaders on a set of international guiding Principles on AI and a voluntary Code of Conduct for AI developers under the Hiroshima AI process. The Principles and the Code of Conduct will complement, at the international level, the legally binding rules that the EU intends to codify in the Act. 

Further, nearly a dozen US states have enacted legislation on AI, and legislation is pending in almost a dozen additional states. Many of the measures are included in consumer privacy or industry-specific areas, such as healthcare, government, or insurance, according to the non-profit Electronic Privacy Information Center. 

At the federal level in the US, the proposed American Data Protection and Privacy Act outlines rules for AI, including risk assessment obligations that would directly impact companies developing and utilizing AI technologies. The bill, proposed more than a year ago, remains stalled in Congress. The US government also has issued guidance through the National Institute of Standards and Technology (NIST), such as the AI Risk Management Framework and the Secure Software Development Framework. 

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