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Next Move: Practical insights on regulatory and policy developments in technology
Building trust in technology is complex work. Regulators and policymakers — keen to build new guardrails for a digital society — stand on largely unfamiliar ground. They often take different, sometimes contradictory, approaches because they have different missions and visions. At the global level, regulatory divergences reflect profoundly different value systems.
Through Next Move, PwC's monthly publication, we provide context to policy and regulatory developments in technology and offer guidance on how organizations can adapt.
In the September edition, we cover three tech developments:
- AI compliance starts with ‘operationalizing’ your risk-assessment capabilities
- EU democratizes data in connected devices, altering product roadmaps
- Cloud risk in financial services prompts more action from Treasury
AI compliance starts with ‘operationalizing’ your risk-assessment capabilities
AI regulation in the EU, US, China and elsewhere is largely coalescing around a risk-based approach, one that tailors requirements to the level of potential harm posed. Assessing AI risk is therefore important to determining which rules apply and, from there, to fulfilling any resulting obligations. Companies should prepare by operationalizing their AI risk-assessment capabilities.
EU democratizes data in connected devices, altering product roadmaps
The EU’s Data Act will allow users of connected products to access the data they generate and share it with third parties. It will also allow cloud users to switch providers more seamlessly. Affected manufacturers and cloud providers should prepare now to address the substantial impact on their data governance, processes and product roadmaps.
Cloud risk in financial services prompts more action from Treasury
The Treasury Department’s cloud steering group issued guidance to help foster more secure cloud practices and resilience in financial services. This and other measures to address cloud risk signal mounting regulatory concerns in this area. Firms and their cloud providers should take steps to strengthen their security practices.
Read our special editions on Artificial Intelligence
Next Move Special Edition: White House mobilizes bold push for responsible adoption of AI
In October, the Biden administration issued its long-awaited executive order on artificial intelligence (EO on AI) — a big step towards defining how the fast-moving technology will be used and regulated.
The EO calls for new standards, funding, training and enforcement to mitigate AI risks, while also paving the way for widespread adoption. To prepare, companies must understand the EO’s potential direct and secondary impacts, identify gaps and opportunities and address risk.
Special Edition: EU’s AI Act advances, sparking a race to readiness
EU member state representatives unanimously approved the AI Act, setting the stage for its formal adoption in April. The approved language reflects a range of new provisions hammered out since the December compromise agreement. Providers, deployers, importers and distributors of AI systems in the EU market should begin preparing for compliance now.
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