Iron Mountain’s Post

The EU AI Act lays out procedures for assessing the compliance of AI systems with the regulation's requirements. Though much gray still exists, some key points regarding auditing adherence include: 1. High-risk AI systems must undergo a conformity assessment procedure carried out by the provider either through self-assessment or with the involvement of a third-party notified body, depending on the system. This involves examining the system's technical documentation and quality management system to verify compliance. 2. Providers must keep detailed technical documentation on their high-risk systems to demonstrate compliance. This documentation can be accessed by national authorities upon request. 3. Market surveillance authorities in Member States are empowered to verify compliance of systems, request documentation/information, carry out audits, and take corrective actions if needed. 4. There is a post-market monitoring system requirement for high-risk systems - providers must actively collect data on the performance of deployed systems to evaluate continuous compliance. 5. There is an EU database for registration of high-risk systems that contains information to identify them and assess compliance. Market surveillance authorities can access this to support oversight. 6. General-purpose AI models also have transparency requirements and obligations on technical documentation. Their compliance is monitored by the EU AI Office which can request documentation, carry out evaluations, and request measures from providers if needed. 7. There are administrative fines and penalties laid out in the regulation for non-compliance, aimed to incentivize compliance from providers/deployers. To summarize - a combination of conformity assessments, technical documentation requirements, post-market oversight powers of authorities, transparency obligations, and penalties/fines makes up the compliance and auditing system. 🌐 For more info: https://lnkd.in/d4bYGBT6 #euaiact #aicompliance #ethicsinai #align #TheBusinessofCompliance #ComplianceAlignedtoYou

With a growing level of scrutiny coming from European Regulatory bodies about the quality of data reporting, firms need to inspect the efficacy of their control framework. Defence against breaching regulation should be top of every company’s agenda, and a robust Control Framework ensures: ✔️ All transactions are verified for accuracy ✔️ All patterns in data are analysed ✔️ Detected outliers or errors are resolved quickly In the final article of our thought leadership series, Chris Roberts, Head of Regulatory Controls, EMEA & APAC, highlights key considerations for designing and operating a framework that lasts, stressing the need to leverage solutions with AI and Machine learning tools, such as SensAI, to prevent reputational damage. Read the full article here: https://okt.to/O0n4xM #ControlFramework #Data #DataSecurity #TransactionsReporting #SensAI

Data security and regulatory compliance remain a top priority as the finance industry evolves. In this article, Gartner highlights the measures taken to ensure enhanced security while utilising AI in finance. Read the full article, and unlock the potential of AI-driven advancements in finance by reading the full press release and stay at the forefront of innovation in the ever-evolving financial technology landscape: https://gtnr.it/3rFc7cq #PrivateWealth #DataSecurity #PrivateBanking #WealthManagement

With a growing level of scrutiny coming from European Regulatory bodies about the quality of data reporting, firms need to inspect the efficacy of their control framework. Defence against breaching regulation should be top of every company’s agenda, and a robust Control Framework ensures: ✔️ All transactions are verified for accuracy ✔️ All patterns in data are analysed ✔️ Detected outliers or errors are resolved quickly In the final article of our thought leadership series, Chris Roberts, Head of Regulatory Controls, EMEA & APAC, highlights key considerations for designing and operating a framework that lasts, stressing the need to leverage solutions with AI and Machine learning tools, such as SensAI, to prevent reputational damage. 🔗 Read the full article here: https://okt.to/3DNnZY #ControlFramework #Data #DataSecurity #TransactionsReporting #AensAI

With a growing level of scrutiny coming from European Regulatory bodies about the quality of data reporting, firms need to inspect the efficacy of their control framework. Defence against breaching regulation should be top of every company’s agenda, and a robust Control Framework ensures: ✔️ All transactions are verified for accuracy ✔️ All patterns in data are analysed ✔️ Detected outliers or errors are resolved quickly In the final article of our thought leadership series, Chris Roberts, Head of Regulatory Controls, EMEA & APAC, highlights key considerations for designing and operating a framework that lasts, stressing the need to leverage solutions with AI and Machine learning tools, such as SensAI, to prevent reputational damage. Read the full article here: https://okt.to/u8pxKY #ControlFramework #Data #DataSecurity #TransactionsReporting #SensAI

Why should you pay attention to new #AIStandards? They provide frameworks for effective AI governance and tracking them can provide advance notice of potential future legal requirements. Yesterday, ISO/IEC 42001 was released with guidance on developing, improving, and monitoring Artificial Intelligence Management Systems (AIMS). This standard will likely guide emerging regulations – primarily in the European Union and United States – in the form of guiding principles and mechanisms for future legislation. Read more from our expert AI policy team below 👇 https://lnkd.in/ePTxa2EE

57% of transactions assessed by SensAI, MarketAxess Post-Trade’ AI powered regulatory assistant, had at least one previously undetected error. As European Regulators crack down on reporting inaccuracies, firms need to take control of their data to a much greater degree than ever before – and an effective control framework is the best line of defence. Christopher Roberts shares his thoughts on Control Framework hygiene in the latest MarketAxess Post-Trade article: bit.ly/4aFV3nj #ControlFramework #Data #DataSecurity #TransactionReporting #SensAI

"EDPS at work DATA PROTECTION and ARTIFICIAL INTELLIGENCE (AI)", published now in October 2023 by EDPS - European Data Protection Supervisor. 👇 This summary outlines EDPS - European Data Protection Supervisor focus on ensuring the human-centered and sustainable integration of #AI into everyday life and includes all the steps taken. Link: https://lnkd.in/dqBPzQJM #ailaw #machinelearning #deeplearning #artificialera #web3 #web4 #web5 #fintech #digitalera #digitaltransformation #generativeAI #trustworthyAI #aiethics #artificialintelligence #explainableAI #responsibleAI

Government: Ensuring Data Transparency and Citizen Services Government agencies are implementing AI to ensure data transparency, streamline citizen services, and comply with public data regulations, building trust and enhancing public service delivery.

The marathon trilogue negotiations in the European Union regarding the AI Act last week made for quite the dramatic start to the month. We explore this, as well as the EU Data Act, the Bletchley Declaration, and more, in our Digital Transformation Note – a monthly review of key developments at the intersection of digital technology and law, authored by Leopold von Gerlach. #DigitalTransformation #AIRegulation #AIPolicy