The EU AI Act and How Conformity to ISO/IEC 42001 Will Help to be Ready (M01a)
While we await the Adoption of the Act, we know that organization will need to have a solid governance system in place in order to ensure compliance.
The continuous management of quality and risk by AI system providers is crucial to achieve compliance. If one fails to correctly classify their use case or ignores their duties, they could face steep fines that could be as high as EUR 40 million or 7% of the firm’s global annual revenue. This penalty is roughly two times greater than the strictest punishments established for breaches of the EU’s General Data Protection Regulation (GDPR).
ISO/IEC 42001:2024 the newly released ISO standard, which specifies the requirements and provides guidance for establishing, implementing, maintaining and continually improving an AI (artificial intelligence) management system within the context of an organization.
The standard is intended for use by an organization providing or using products or services that utilize AI systems.
This talk will provide a very brief overview the current status of the legislation and how an AIMS (AI Management system), as per the requirements of ISO/IEC 42001, will support any organization to get ready for their AIMS and build a competitive advantage.