Nearly 20 representatives from 13 BAIT member companies participated in the seminar to present the EU AI Act – the EU regulatory framework on artificial intelligence (Regulation(EU) 2024/1689).
The event was held on November 20, and the speaker on the topic was Dr. Galya Mancheva, founder and CEO of Ai advy, a member of BAIT. Ai advy, through the expertise of its team, helps companies meet European requirements and regulations related to artificial intelligence.
Dr. Mancheva examined the risk levels and the risk-based approach that the framework implies, as well as the concept of risk management in the context of the requirements.
The EU AI Act entered into force on 1 August 2024, 20 days after its publication in the Official Journal of the European Union. However, most of the provisions will apply from 2 August 2026 to allow time for stakeholders to adapt.
The document introduces a definition of artificial intelligence based on product safety and a risk-based approach in the EU. Among the unacceptable risks are the collection of biometric data, as well as social assessment.
Significant sanctions are also envisaged for non-compliance with the regulations: up to EUR 35 million or 7% of the annual global revenue of the relevant company, whichever is greater.
Because of the hih interest in artificial intelligence issues, BAIT is considering to form a working group on the topic, to be led by Dr. Mancheva.
As a first step, a new section will be opened in the BAIT monthly newsletter, in which we will inform members about the latest changes in regulations.
