The next GDPR? How the EU’s newly proposed artificial intelligence regulation may affect Australian businesses

A recent proposal by the European Union Commission for harmonised regulation of artificial intelligence may set the benchmark for AI regulation in Australia.

Recent years have seen rapid advancements in the functions and capabilities of artificial intelligence (AI). With this has come a suite of associated risks, particularly those concerning privacy, health and safety and potential intrusion into human rights. The question for governments, regulators and policy makers is how to regulate the risks associated with AI, without stifling innovation and the potentially significant societal benefits that come with AI. As with any emerging technology, it can be difficult to strike this balance. The European Union Commission has taken an important first step in the release of its long-awaited proposal for harmonised regulation of AI in the EU (the EU Proposal). The EU Proposal, released on 21 April 2021 proposes a risk-assessment approach to the regulation of AI and follows several years of public consultation, reports and papers released by the Commission. While it could be several years before the regulations proposed by the Commission become law in the EU, the EU Proposal nevertheless serves as a compelling benchmark for proposed AI regulation around the world………..

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