EU AI Act: Impact and Next steps for Organizations

Pamela Gupta CEO Trusted AI speaks with Anna Metsäranta on the impact of EU AI on Business .Anna Metsäranta heads Solita's work on sustainable use of AI. Solita is a European data, strategy, and AI company. She is a member of the Nordic Ethical AI Expert Group and was shortlisted for the DAIR awards for AI Ethics Professional of The Year 2023.We are aligned on our common vision to help organizations increase awareness of the risks and harms of AI, as well as helping organizations to adopt measures to take better control of their AI. This helps to ensure value creation as well as risks and impacts management.Anna and I discuss :Who does EU AI Act impact.How does it impact business risk and innovation.What is the next step - where do we go from here? I loved hearing Anna’s concept of algorithmic debt... “Similar to technical debt, there is a cost related to building and deploying AI systems without embedding the necessary transparency, accountability, and risk management measures. This is what I call algorithmic debt. Going full speed with implementation, omitting best practice methods for responsible use of AI, will be costly.”Can Trustworthy AI help De-Risk adoption of AI? ‘Can Trustworthy AI can be  instrumental in helping organizations gain a competitive edge and  promote better business outcomes, including accelerated innovation with AI’.?With extensive experience in global industry leadership in areas of Business Strategy, Technology, and Cybersecurity, Pamela helps clients in creating a strategic approach to achieving business value with AI by adopting a holistic risk based approach to AI Trust. She defined 8 essential pillars of trustworthy AI.  Read more details at Trustedai.ai website.Her insights have shaped the way we look at the impact of Cyberwarfare on Business, strategies for efficient digital transformation, and governance views on Algorithmic failures.Join Pamela as she delves into her signature framework, AI TIPS, standing for Artificial Intelligence Trust, Integrity, Pillars and Sustainability. This podcast is all about operationalizing governance and building Trustworthy AI systems from the ground up. For questions or comments on this podcast reach out to me.