UK Businesses Embrace AI Governance Amidst Brexit Uncertainty: Study Finds Half of Leaders Prioritize This Area of Concern

In the lead-up to the UK’s general election, AI governance has emerged as a key focus for businesses. A recent study by AI safety and governance leader Saidot found that almost half of UK business leaders identified implementing the right governance frameworks as their top priority for the year ahead, surpassing the EU average. The research also highlighted the challenges posed by the post-Brexit environment, where companies must navigate overseas regulations to develop or deploy AI systems for EU markets.

UK businesses are turning their attention to AI governance as a critical area of concern. The study revealed that many UK business leaders understand the impact of the EU AI Act on their operations but are struggling to comply with regulations while also adhering to local rules. With rapid advancements in AI technology and the need to balance potential with restrictions, businesses are finding it challenging to fully leverage their capabilities.

Alarmingly, a significant number of businesses admitted they lacked the necessary skills and expertise to ensure regulatory compliance, indicating a potential gap in preparedness. While most business leaders across Europe recognize the importance of AI governance and ethics, UK companies stand out for their perceived lack of readiness in this area. The study surveyed 500 European business leaders from various countries and emphasized responsible governance processes while keeping pace with advancements in AI technology.

Veera Siivonen, CCO and Partner at Saidot’s, highlighted the significance of the EU AI Act as a model for global governance. She underscored the need for businesses to stay proactive in implementing responsible governance practices and staying abreast of technological developments in AI to succeed in future endeavors. Stay informed with top news, opinion, features, and guidance your business needs by signing up for TechRadar Pro newsletter.

The study also revealed that UK businesses are honing in on implementing responsible governance practices while navigating overseas regulations post-Brexit environment.

In conclusion, with Brexit causing uncertainty around regulations and compliance requirements for businesses looking to implement or deploy AI systems within European markets; it’s crucial that UK companies prioritize responsible governance practices while staying informed about technological advancements in this rapidly evolving field.