Product Announcement: EU AI Act Readiness Pack, Your First Step Towards Global AI Compliance
Today, we at Credo AI are thrilled to officially launch the first AI governance product tailor-made to support companies through the process of preparing for the EU AI Act: the EU AI Act Readiness Pack.
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Are you confident that your organization is prepared for the expected EU AI Act? As the Trilogue negotiations for the European Union (EU) AI Act continue, the EU's 27-nation bloc edges closer to reaching an agreement on comprehensive AI Regulation.
Getting ready to comply is critical, but you don’t have to start your journey alone.
Today, we at Credo AI are thrilled to officially launch the first AI governance product tailor-made to support companies through the process of preparing for the EU AI Act:the EU AI Act Readiness Pack. Designed to help organizations start investing now in preparations to comply with the core requirements of the EU AI Act, our offering is also relevant for compliance with a wide variety of global AI regulations and standards. By implementing AI governance processes in alignment with the core elements of the expected EU AI Act, companies can effectively begin preparing to comply with future global AI regulations and standards.
Quick Refresher: What is the EU AI Act?
The EU AI Act is currently a draft framework for a Regulation that was proposed by the European Commission in April 2021. This draft Regulation consists of a comprehensive set of obligations for providers and deployers of high-risk AI systems that are developing or using high-risk artificial intelligence and placing it on the EU market.
EU AI Act non-compliance penalties - although still being negotiated - could be up to EUR 40 million or 7 percent of a company’s annual global revenue. This is nearly twice the maximum penalty for non-compliance with the EU’s General Data Protection Regulation (GDPR)!
What will be needed to comply with the expected EU AI Act and other emerging AI standards?
While the EU AI Act is still being negotiated, there are several core elements to the obligations under the expected EU AI Act that align with emerging global standards for AI risk management, replicated in global standard-setting bodies and other national efforts to regulate AI. These critical components of AI governance for compliance are the components that the Credo AI EU AI Act Readiness Pack will help your enterprise establish.
Your obligations under the EU AI Act will depend on the risk level of your AI use case and additional context regarding how your AI system was built and trained on data. Some of your responsibilities under the expected EU AI Act and other emerging AI standards and regulations could include:
Conducting a risk assessment to determine the level of risk associated with your AI system;
Providing technical documentation that includes information such as a general description of the AI system, a detailed description of the elements of the AI system and process for its development, and a detailed description of the post-market monitoring plan;
Ensuring your users are notified when they are interacting with an AI system or AI-generated content; and,
Establishing and documenting a post-marketing monitoring system to ensure safe usage throughout the AI system’s lifetime.
How does Credo AI’s EU AI Act Readiness Pack support companies?
The EU AI Act Readiness pack from Credo AI provides a comprehensive guide to preparing for the core elements of the expected EU AI Act. It includes the ability to create a detailed register of a company's AI systems and identify areas of governance that need to be addressed.
The package also provides access to Credo AI's team of experts, who are on hand to provide guidance and support throughout the process of standing up robust governance processes in your organization. Specifically, with Credo AI EU AI Act Readiness, you can:
Register AI Systems: Register your organization’s AI Use Cases in our AI Registry and understand their risk category within the framework of the expected EU AI Act.
Map Requirements: Get access to a use-case-specific list of actionable requirements that map to the expected EU AI Act based on your Use Case risk category.
Identify Gaps: Get a “readiness score” for each of your AI Use Cases, with clear guidance on which requirements you still need to meet to be prepared for the expected EU AI Act. This actionable checklist is your roadmap for meeting the core governance requirements.
It’s time for action.
Preparing for the EU AI Act and other global AI standards is crucial for companies that develop, use, or deploy AI globally. Establishing governance processes, building competence, and implementing technology for efficient compliance takes time and effort. There are common elements of global regulations and standards like the EU AI Act that are emerging - such as having a risk management system in place - that companies need to start preparing for. The EU AI Act Readiness Package from Credo AI provides a comprehensive guide to preparing for compliance with future regulations, helping companies to identify areas of AI risk that need to be addressed, and providing support and guidance throughout the compliance process.
"As we enter the age of AI-powered everything, what we’ve seen from enterprises is that adding an AI governance layer is non-negotiable," said CEO Navrina Singh. “At Credo AI, we want to provide that layer in a way that gives businesses nuanced control of AI outputs and makes it easy to align company use of AI with internal policies, industry best practices, and regulatory guidance like the expected EU AI Act.”