What you should know: In his first executive order on artificial intelligence (AI), President Biden is directing various federal agencies to identify the risks of the technology as well as harness the benefits. This includes establishing new standards for AI safety, security, privacy and usage.
Why it matters: The executive order addresses the rapid development of AI as well as its impact on businesses, the labor market and civil rights issues. While the executive order is an important step toward establishing responsible AI guidelines, future legislation and regulatory guidance is forthcoming and has the potential for significant ramifications across both public and private sectors. Organizations developing and leveraging AI should consider the potential implications for their business.
Our insights: In this Flash Report, we summarize the major directives contained in the executive order, address key takeaways and concerns for organizations to consider, and outline steps businesses can take to prepare for changes in the AI regulatory landscape.