The UK government needs to work fast on the detail of regulating artificial intelligence (AI) to give business the certainty it requires. At the same time, the UK should work to secure international co-operation and inter-operability.
In their joint response to the UK’s government’s AI white paper A pro-innovation approach to AI regulation, ACCA and EY note that it is vital to ensure that there is a high level of joined-up thinking across sectors and stakeholders in the UK to avoid duplication or things falling in gaps between different regulators.
‘AI development cannot be confined to a narrow coterie of influencers’
Building the foundations for trusted artificial intelligence strongly supports the government’s pro-innovation approach. However, ACCA and EY also make clear that AI impacts the lives of all citizens, so involvement and feedback are needed across the whole of the socio-economic spectrum and across all sectors, industries and sizes of business: ‘AI development cannot be confined to a narrow coterie of influencers.’
Specifically, the response recommends:
- Act fast on the detail. AI is rapidly developing; it is the subject of intense media interest and is prominent in the public consciousness. Conversations on AI regulation are constantly evolving, with regimes around the world working quickly to locate their place in the debate. It is critical that the details are fleshed out as soon as possible to operationalise the white paper’s approach.
- Align internationally and seek as much harmonisation as possible across regimes to support interoperability. This reduces costs, complexity and risk.
- Seek multi-stakeholder feedback and involvement. AI’s outputs affect all citizens’ lives, so the views of people at all socio-economic levels, sectors and industries, SMEs and larger organisations need to be understood.
- Champion an ecosystem for trustworthy AI leveraging the accountancy profession’s particular ability to assess risks and controls, apply ethical judgment and uphold the public interest. The accountancy sector can bolster the UK’s global reputation as a trusted home for responsible AI.
More information
See other AB coverage: ‘Mitigating AI risk’ , ‘AI and internal audit’ and ‘AI helps create financial statements’
