With the UK preparing for its next general election, the emphasis has been on artificial intelligence’s role in bolstering the nation’s economy.
According to AI safety and governance leader Saidot, nearly half (47%) of UK business leaders have identified implementing the right governance frameworks as their main priority for the year ahead, which stands notably higher than the EU average of 39%.
The study also noted the precarious post-Brexit nature of Britain, highlighting that despite no longer sharing regulations, businesses wanting to develop or deploy AI systems for EU markets must continue to comply with the overseas regulations.
UK businesses are focusing on AI governance
The research found that two-thirds (67%) of UK business leaders recognize the relevance of the EU AI Act on their activities, however many remain unclear about how to navigate the requirements while also complying with local rules.
Two in five also noted that it’s hard to keep up with AI capabilities, and with attention split between the technology’s potential and the imposed restrictions, it’s clear that businesses aren’t able to realize the full potential of AI.
Alarmingly, a quarter (26%) of businesses claimed not to have the right skills or expertise to ensure regulatory compliance.
On the whole, the relatively small study of 500 European business leaders from the UK, France, Germany and the Netherlands found that most (82%) business leaders acknowledge the importance of AI governance and ethics, but the UK stood out for its lack of preparedness.
Speaking about the influence of the EU AI Act, Saidot CCO and Partner Veera Siivonen commented: “It not only sets a precedent for how AI is governed within the EU, but it has the potential to also serve as a model for other regions globally.”
Siivonen concluded: “For businesses to succeed in future, they will need to implement responsible governance processes while keeping up with the latest AI advances.”