According to the Ireland’s Data Protection Commission (DPC), the world’s big tech firms are taking proactive steps with European law makers to ensure AI offerings comply with Europe’s stringent data protection regulations.
The IDPC, which oversees major firms like Google, Meta, Microsoft, TikTok, and OpenAI, noted that while its authority has not yet been applied to AI, they might need to mandate business model adjustments to safeguard data privacy in the future.
In an interview this week, the DPC’s senior officials highlighted how AI introduces new complexity and several potential challenges for data privacy, underscoring the need for ongoing regulatory vigilance.
Regulators must determine if companies can scrape public data from the internet to train AI models and establish the legal framework for using personal data. AI developers also need to demonstrate how they will protect individuals’ data rights, such as the right to delete data. Additionally, the issue of AI models potentially providing inaccurate personal information about individuals needs to be resolved, an IDPC spokesperson stated.
Dale Sunderland, one of Ireland’s two Data Protection Commissioners described “extensive engagement” taking place between high profile US internet companies including Google and Meta.
“They’re seeking our views on some of their new products in the AI space, particularly the large language model space,” Mr Sunderland said. Google has already pushed back its release of the Gemini AI chatbot to make room for a consultation with the Irish DPC, and any necessary alterations to the platform.
Ireland acts as the primary regulator for many leading US internet companies as it is home to many of data firms’ EU headquarters. However, other regulators can influence decisions through the European Data Protection Board, which is developing guidelines for AI compliance with EU data protection laws.
Starting next month, AI model operators must adhere to the EU’s new AI Act. Additionally, they must comply with the General Data Protection Regulation (GDPR), which allows for penalties of up to 4% of a company’s worldwide revenue for violations.
Know the risks
This element of dual compliance underscores the stringent regulatory environment that AI operators must navigate within the EU. In such a climate, it is imperative that organisations conduct due diligence around the potential consequences of new products and services.
The key issues fall into focus at #RISK Digital this summer, where experts will debate how AI is revolutionising risk and compliance practices across industries.
Not to be missed at #RISK Digital…
Resilient Compliance: Adapting to Regulatory Evolution
Date: 14:15 PM - 14:45 PM (GMT)
In an era of rapidly changing regulations and compliance requirements, organisations must proactively anticipate and respond to regulatory shifts to maintain operational integrity.
Our panel will explore strategies for building adaptable compliance frameworks that can withstand regulatory changes without compromising effectiveness.
From leveraging technology for real-time compliance monitoring to fostering a culture of compliance across the organisation, we’ll examine how proactive compliance practices can mitigate risks and drive sustainable growth.
Panellist
- Igor Volovich, Vice President of Compliance Strategy, Qmulos
AI’s Role in Risk & Compliance
Time: 14:45 – 15:15 GMT
Join us for an enlightening panel discussion as we explore the transformative potential of artificial intelligence in the realm of risk and compliance.
Businesses are turning to AI-powered solutions to enhance risk management, streamline compliance processes and mitigate emerging threats.
From leveraging machine learning algorithms and identifying patterns and anomalies, to automating routine compliance tasks, our distinguished panel will delve into the diverse applications of AI in risk assessment, regulatory monitoring and fraud detection.
Moderator
- Anca Cunescu, Head of Risk & Compliance, SelfPay
Panellist
- Sarah-Rose Perry, Head of Compliance, BTIG Limited
- Juliana Oliveira Nascimento, Guest Professor - MBA Compliance Corporate Governance and ESG, Universidade Presbiteriana Mackenzie
- Tom Kerin, Chief Product Officer at Camms
These are just two of the exclusive sessions taking place at #RISK Digital this July!
Click here to see the full agenda
Discover more at #RISK Digital
Streaming live on Wednesday 3 July, #RISK Digital examines the changing risk landscape in a content rich, knowledge sharing environment.
Attendees will be able to learn how to mitigate risks, reduce compliance breaches, and improve business performance.
Click here to register for free for #RISK Digital
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