Artificial Intelligence (AI) is an essence of human, technology, science, business, communication, life, art, education, evil. The Essence of Artificial Intelligence provides a succinct insertion for the people with no anterior acquaintance of AI. Most research community would agree that Artificial Intelligence (AI) has already changed the world. The pips of modern AI were engrained by philosophers who attempted to describe the process of human thinking as the mechanical manipulation of symbols.
Brisk change in Customer behavior and, sentiment triggers the rapid change on how companies operate on a global ecosystem and scale. This competitive pressure and AI usability changes the business processes. Companies are adopting and dedicating more resources to build, acquire and sharpen their AI tools strategy to adopt and meet the need. Especially Finance service, FinOps, Payments, Insurance, Automotive, logistics, life science and healthcare, Retail, hospitality, Sales and Marketing, Manufacturing, Media and entertainment, Education etc industries are impacted by increase in AI dependency. Many companies are more into race to adopt for usability than evaluating the potential risks may encounter in future on long run.
Notwithstanding the adoption of AI rapidly, there is no federal legislation on AI in USA. AI is expanding into more industries in rapid ways and now center of attention of regulators of federal and state in US. The US government should regulate AI if it wants to lead on international AI governance. Its need of hour to summarize the emerging regulatory framework for AI and bringing the policy, process and regulations in place. The USA has a hodge-podge of diverse and proposed AI regulatory frameworks. It is dire to harness the technology AI to understand these scaffolds and to prepare to maneuver in compliance with them. Initial regulations emerge in 2023 enlightened to provide further more compliance obligations. Senate holding meetings with different corporate leaders to discuss on how to address AI risks by laying frames around regulations.
There are many summits where international AI governance is being discussed. The US-EU trade and technology council, the organization for economic co-operation and development, the recent G-7 leaders accentuated the essence of AI regulations, its impact and potential future risk. The power of the USA to lead internationally on AI governance is fettered by the absenteeism of a inclusive approach to domestic AI regulation. The USA is crafting advance in mounting domestic AI regulation, including with the National Institute of Standards and Technology (NIST) AI Risk Management Framework, the blueprint for an AI bill of rights and regulations that apply to AI. In the absence of AI regulation framework, USA is unable to present a model for how the global to move on AI governance. Technologies like chatGPT4, LLM (large language model) are very powerful technologies that will have significant impacts on science, social, economic and geopolitical.
2023 is likely to see some of the general obligations that apply across AI. More AI regulatory initiatives are expected in 2023 for example: state data privacy law, FTC (Federal Trade commission) and NIST (National Institute for Standards and Technology) standards, consumer rights for AI-powered decisions, AI transparency, AI Impact assessment and governance. The AI Risk Management Framework has two-fold to its. The first fold is a catalogue of characteristics that, if implemented in AI, would enable AI to be considered trustworthy because it reduces the key risks. These characteristics include: Valid & Reliable, Safe, Fair & Nonbiased, explainable & interpretable, transparent & accountable. The second fold is to help companies identify concrete steps to manage AI risk and reliable. It is built around a “map, measure, manage” structure, which covers the AI planning and development cycle.
In my view the following lists leads to the initiatives list for 2023: Know your AI, Lay the foundation for AI Adoption, Governance model, Socialization and communication literacy, risk assessments.
Bighneswar Swain
Director – TATA America
