In a recent post by RegTech firm Saifr, the firm outlined four ethical principles for developing trustworthy AI.
The European Commission has put forth a compelling vision for AI, advocating for human empowerment in decision making. Recognising that AI should augment rather than replace human capabilities, the Commission calls for businesses to ensure robust oversight of AI tools.
This involvement is not merely a regulatory tick-box exercise but a strategic imperative that enhances AI control and worker efficiency. Implementing ‘human in the loop’ processes is integral at all stages of AI development, from machine learning to testing and deployment, enhancing accuracy, reliability, and mitigating biases.
In its guiding principles, the European Commission underscores the importance of transparency in AI systems. Stakeholders must be able to comprehend AI capabilities and limitations to trust and rely on these systems effectively. The complexity of AI models often presents a hurdle in achieving this transparency.
To counter this, the commission suggests simplifying AI models. White box AI models, characterised by fewer rules and clearer decision pathways, offer a solution by being inherently more transparent and easier to explain.
The European Commission stresses the need for AI systems to be robust and secure. This includes having safeguards against data breaches and fallback plans for contingencies. Given the high stakes involved – the global average cost of data breaches was a staggering $4.45m in 2023 – ensuring the reliability and stability of AI is non-negotiable. Establishing AI Centers of Excellence can be a strategic move for companies, focusing on ethical AI development and oversight, thereby reinforcing trust in AI models.
The Commission also highlights the criticality of avoiding bias in AI training. It’s essential to ensure AI systems do not perpetuate discrimination against minority groups. Achieving diversity in AI development teams is key to anticipating and mitigating potential biases. Steps towards creating diverse teams and networking opportunities for AI professionals are essential in building fair and unbiased AI systems.
The European Commission’s principles for ethical AI offer a robust framework for businesses. By focusing on human involvement, transparency, robustness, and diversity, companies can build AI systems that are not only ethical but also reliable and trustworthy. This approach not only safeguards the company’s reputation but also ensures compliance and investor confidence.
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