Competition authorities from G7 nations gathered in Rome this week to address mounting concerns over market concentration and competitive dynamics in the rapidly evolving artificial intelligence sector. The two-day summit, hosted by the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato), marked a pivotal moment in international cooperation on AI market oversight.
The Open Compliance and Ethics Group (OCEG) has unveiled a comprehensive electronic guide addressing one of the most pressing challenges in modern business: the governance, risk management, and compliance (GRC) of artificial intelligence systems. This strategic publication arrives amid intensifying global discourse on responsible AI adoption and regulatory oversight.
The Department of Justice's Criminal Division unveiled today a sweeping new framework for addressing cybercrime and artificial intelligence-enabled criminal activities, signaling a major evolution in the federal government's approach to technology-enabled threats. Principal Deputy Assistant Attorney General Nicole M. Argentieri, speaking at the Computer Crime and Intellectual Property Section's Symposium hosted by the Center for Strategic and International Studies in Washington, DC, detailed the division's ambitious strategy to combat increasingly sophisticated digital threats while safeguarding civil liberties and promoting responsible innovation.
AI technology and models are used across industries to analyze, predict, generate, and represent information, decisions, and outcomes that impact operations and business strategy. A range of departments, functions, and roles are beginning to rely on AI as a critical foundation for business processes that support operations, long-term strategic planning, and day-to-day tactical decisions.
The Federal Trade Commission (FTC) has announced a major crackdown on companies misusing artificial intelligence (AI) technology to deceive consumers. Dubbed "Operation AI Comply," this initiative includes five law enforcement actions against firms allegedly exploiting AI hype or selling AI tools that enable unfair and deceptive practices.
In a recent address, SEC Chair Gary Gensler highlighted the growing importance of Artificial Intelligence (AI) in the financial industry and the potential conflicts of interest that could arise from its use. Delivered on August 13, 2024, the speech underscores the increasing reliance on AI-powered algorithms by investment firms and the SEC's proactive approach to governing this evolving landscape. As AI becomes more entrenched in finance, the issues Gensler raises are vital for governance, risk management, and compliance (GRC) professionals to consider.
In a landmark development, the European Artificial Intelligence Act (AI Act), the world's first comprehensive AI regulation, has come into force this past Thursday. This legislation marks a pivotal shift in how artificial intelligence is governed, not only within the European Union but also on the global stage. For compliance professionals, the AI Act introduces a robust framework that necessitates a proactive and strategic approach to AI governance, risk management, and ethical considerations.