Evolving AI Governance Landscape in Globe

AI governance practices and regulations, adopted globally to prevent bias and discrimination, are subject to constant change. Organizations overseeing complex AI systems must vigilantly monitor evolving regional frameworks.

US: SR-11-7 - US banking model governance standard, mandates comprehensive risk management, requiring leaders to demonstrate models align with business goals, stay current, and undergo effective validation, ensuring transparency for all stakeholders.

Europe: In April 2021, the European Commission introduced its AI package, emphasizing a European approach to excellence and trust, along with proposing a legal framework. The framework categorizes AI systems into "minimal risk," "high risk," and "unacceptable risk," with stricter requirements and bans for the latter. Organizations must comply with these rules to avoid fines.

Asia-Pacific region:

• Singapore: Released a framework in 2019 for AI ethics in the private sector.

• India: AI strategy framework recommends establishing a center to address AI ethics and privacy.

• China, Japan, South Korea, Australia, and New Zealand: Exploring guidelines for AI governance in the Asia-Pacific region.