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The ACCA and EY have warned that the government needs to work fast on regulating artificial intelligence to give businesses the certainty they require by creating a “trustworthy” AI ecosystem.
These recommendations form part of a joint response to the UK government’s AI white paper, a pro-innovation approach to AI regulation.
At the same time, the association and the accounting firm have said that the UK should work to secure international cooperation and interoperability, while ensuring that on the domestic front there is “a high level of joined-up thinking” across sectors and stakeholders.
According to their response, this would avoid duplication or things falling into gaps between different regulators.
While they also “strongly” support the government’s approach, the ACCA and EY said that involvement and feedback are needed across the whole of the socio-economic spectrum, as “AI development cannot be confined to a narrow coterie of influencers”.
Helen Brand OBE, chief executive, ACCA, said: “AI features strongly in the public consciousness due to its potential to introduce both new opportunities and previously unseen risks.
“We support multi-stakeholder feedback and the desire to build bridges internationally. While more prescriptive guidance may be required in some areas to clarify accountability, we agree with a flexible approach to manage the fast-paced development of AI.”
Ansgar Koene, global AI ethics and regulatory leader at EY, added: “As policymakers in the UK and across the globe are confronting the challenges of formulating a regulatory approach for AI, this report highlights the need for reporting and oversight approaches that operate in a global market and that will instil confidence in AI.”
