TrustPath | The EU AI Act: This is the next step for AI companies

Key takeaways:

Recently passed by the European Parliament, the EU AI Act introduces comprehensive regulations for AI companies, emphasizing safety and humanrights.
Post-publication in the EU Official Journal, the EU AI Act initiates in 20 days, with full application starting two years later, adopting a phased approach.
To facilitate compliance with the EU AI Act, companies should first assess their AI system's risk level using our free EU AI impact assessment tool.

In a groundshaking decision that landed this week, the European Parliament has adopted the EU Artificial Intelligence Act (EU AI Act). This legislation marks a significant step toward regulating the development, deployment, and use of artificial intelligence (AI) within the European Union. As the first legal framework of its kind in the world, the EU AI Act aims to ensure that AI systems are trustworthy, respect fundamental rights, and prioritize safety.

While the adoption of the Act is a major development, many AI companies are likely wondering: what comes next? This article will help you understand the key next step AI companies should take now, in the wake of the EU AI Act's adoption. We'll explore the expected timeline for the Act to come into effect and highlight the crucial first step companies can take to begin their compliance journey. Let’s start.

EU AI Act Timeline

Let’s understand the timeline set by the European Union. Why? Because it allows for strategic planning of compliance efforts, so AI companies can allocate resources effectively, prioritize tasks, and establish a clear roadmap for achieving AI compliance. This proactive approach avoids the stress and potential disruption of last-minute scrambling when the regulations become fully enforceable.

As written in our article, the EU AI Act will enter into force 20 days after its publication in the EU Official Journal, and full application will begin two years from that date.

The full implementation will be phased in, starting with prohibitions of some AI systems 6 months from the Act's publication. The second group of AI systems, General Purpose AI models (GPAIs), will be required to comply within 12 months of publication, while existing GPAIs will have an additional 24 months to comply. Finally, the strictest regulations will apply to high-risk AI systems, which will have 36 months to comply with the EU AI Act.

These timelines may seem far off, but it's not just about adhering to regulations—it's also about dominating the market, right? Well, this represents a golden opportunity to leverage adherence to AI regulations (AI compliance) as your secret weapon to stand out in a crowded market. If you don't take this seriously, your competitor will, and as stated in our article, business customers prefer solutions that are future-proof and in line with regulations.

In the next section, we will unveil the next step AI companies should take on their path to AI compliance.

First Step AI Companies Need to Take

We understand that navigating the complexities of the EU AI Act can be challenging. There's a clear first step you can take today to begin your compliance journey. By taking this initial action, you'll gain valuable insights and set a strong foundation for navigating the EU AI Act's requirements.

The crucial first step is to conduct a thorough AI risk assessment to determine the level of risk associated with your AI system according to the EU AI Act.

For that, our TrustAI Center can help you. Get in touch.

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