The Japanese government has announced plans to talk through new laws aimed at harnessing the growth of generative AI, with discussions set to take place this summer.

This move comes as Europe implements its new AI Act and the regulation landscape takes shape in the US. Japan’s AI Strategy Council, which includes experts and Cabinet ministers such as Science and Technology Policy Minister Sanae Takaichi, met earlier this week to put together a new strategy for business chiefs to follow.

The regulatory suite will be designed for generative AI developers. The long-term intention is to reduce risk of advanced technologies falling into the wrong hands; being used to subvert human rights, fuel arms manufacturing and trafficking, and drive terrorism and other elements of organised crime.

Sector-specific laws will come under scrutiny as the council debates how new legal frameworks can be applied to both the end user and the AI service host. One of the key motivators is the need to mitigate risk in the medical and vehicle industries.

Japan’s move follows the European Union’s enactment of the AI Act this week, which seeks to regulate AI development and usage comprehensively. Similarly, in October 2023, US President Joe Biden issued an executive order forcing AI bosses to keep the White House informed of the outcomes of safety inspections.

Japan, in contrast, has so far only released guidelines for AI business operators, relying on them to implement necessary measures independently. However, there is growing public demand for more formal regulations to ensure safety and accountability.

Know the risks

As authorities come together to galvanise laws governing AI, responsibility weighs on the shoulders of all organisations to understand compliance obligations so that innovation can take place ethically and responsibly.

The key issues fall into focus at #RISK Digital this summer, where experts will debate the risks and opportunities that come with AI integration into business operations.

Not to be missed at #RISK Digital…

Understanding the Business Potential for Generative AI using the new Cs framework

Time: 13:15 – 13:45 GMT

Depending on who we listen to, the world is either rushing towards or away from generative AI. Most of this seems to be based on the fear of missing out, rather than any concrete critical analysis.

A group of MSc students at the University of Derby in the UK have helped to develop a novel analytical framework that will help businesses fully understand the challenges and consequences of using generative AI in their process workflows.

It will also help businesses to develop governance and compliance policies. It is based on 16 words beginning with the letter “C”.

This new framework has similarities to the Vs of big data from the early 2000s but is specifically tailored to the generative AI context.

Speaker

  • Richard Self, Senior Lecturer in Governance of Advanced and Emerging Technologies, University of Derby

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. Our distinguished panel will delve into the diverse applications of AI in risk assessment, regulatory monitoring and fraud detection.

From leveraging machine learning algorithms and identifying patterns and anomalies, to automating routine compliance tasks, we’ll examine how AI is revolutionising risk and compliance practices across industries.

Moderator

Panellist

 

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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