Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK and US sign landmark agreement to regulate AI risks

by April 2, 2024
April 2, 2024
UK and US sign landmark agreement to regulate AI risks

The UK and US have signed a landmark artificial intelligence (AI) agreement to collaborate on testing and mitigating the risks of AI models.

The deal is the first global bilateral agreement on AI safety, bringing together the UK and US governments to share technical knowledge, information and talent on AI safety. The deal was signed by UK Technology Secretary Michelle Donelan and US Commerce Secretary Fina Raimondo in Washington on Monday.

Technology Secretary Michelle Donelan said: “The next year is when we’ve really got to act quickly because the next generation of models are coming out, which could be complete game-changers, and we don’t know the full capabilities that they will offer yet. The fact that the United States, a great AI powerhouse, is signing this agreement with us, the United Kingdom, speaks volumes for how we are leading the way on AI safety.”

Under the deal, the UK’s new AI Safety Institute and the subsequent US organisation, which is yet to begin work, will exchange research expertise with the aim of mitigating the risks of AI, including how to independently evaluate private AI models from organisations such as OpenAI. The partnership is modelled on the security collaboration between GCHQ and the National Security Agency.

Ramprakash Ramamoorthy, Head of AI Research at Zoho Corporation, commented: “As the UK strives to be recognised as a leader in AI, collaboration with our US counterparts to share knowledge and resources is essential. AI is already playing a significant role for businesses in areas such as data analysis, forecasting and customer experience to enhance the efficiency of day-to-day operations, but to maximise the benefits AI offers, it is also important to promote trust and safety in its development and adoption. Ensuring AI’s development and use are governed by trust and safety is paramount. Taking safeguards to protect training data, for instance, mitigates risks and bolsters confidence among those deploying AI solutions, leading to superior outcomes for customers.”

John Kirk, Deputy CEO at Inspired Thinking Group commented: “AI-powered tools and platforms are helping to transform the future of marketing, empowering creatives and relieving the burden of the ever-increasing content demand, all while delivering brand-compliant localisation across all content.”

“It’s promising to see collaboration between the UK and US in such a rapidly evolving area. Ensuring a well-managed governance model to support the development of AI and content operations in the creative industries can help mitigate risks and any hesitancy towards the adoption of AI in day-to-day applications.”

Despite the focus on risk, Donelan insisted that the UK has no plans to regulate AI more broadly in the short term. Meanwhile, President Joe Biden has taken a stricter position on AI models that threaten national security. Elsewhere, the EU AI Act, passed in April, has taken a tougher stance on AI regulation to slow down rapid advancement and put-up guardrails.

Dr Henry Balani, Global Head of Industry & Regulatory Affairs at Encompass Corporation, said: “Generative AI, in particular, has a huge role to play across the financial services industry, improving the accuracy and speed of detection of financial crime by analysing large data sets, for example. Mitigating the risks of AI, through this collaboration agreement with the US, is a key step towards mitigating risks of financial crime, fostering collaboration and supporting innovation in a crucial, advancing area of technology.

“GenAI is here to augment the work of staff across the financial services sector, and particularly Know Your Customer (KYC) analysts, by streamlining processes and combing through vast data sets quickly and accurately. But for this to be truly effective, banks and financial institutions need to first put in place robust digital and automated processes to optimise data quality and deliver deeper customer insights, which can help to fuel the use of GenAI.”

Read more:
UK and US sign landmark agreement to regulate AI risks

0
FacebookTwitterGoogle +Pinterest
previous post
Cryptocurrency and Betting: A Match Made in Digital Heaven?
next post
Iran not likely to retaliate after alleged Israeli strike: ‘Not ready’

You may also like

UK ports demand compensation after Brexit border checks...

May 20, 2025

UK retailers call on government to end China’s...

February 6, 2025

Returners to work set to be allowed to...

January 12, 2023

The Alekszej Fedoricsev Case: Scrutiny Over Legal Proceedings...

February 20, 2025

7 Signs and Symptoms That You Should Not...

January 26, 2023

Business reaction of mini-budget slams ‘irresponsible’ Kwarteng

September 23, 2022

Understanding the Role of Security Guards in Crime...

May 17, 2024

Amazon to require self-publishers to declare if content...

September 12, 2023

Amazon under fire for tripling sellers’ fees and...

June 14, 2023

NatWest boss’s ‘£2.4m exit deal’ is a disgrace,...

August 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved