Artificial intelligence has taken the world by storm. Nvidia, a company that makes AI-related chips, saw its market value rocket to nearly a $1 trillion market capitalization. Almost everyone, from students to JPMorgan, is finding ways to leverage this fast-growing technology. Like any new innovation or product, there is an accompanying concern over how it may affect people. There have been calls for regulation in response to privacy, copyright infringement, disrupting existing businesses, discrimination and other matters. Regulating artificial intelligence has both pros and cons. While regulation can provide a framework for ethical practices, information security and consumer rights, it could stifle innovation and slow progress. Finding a balance between regulation and innovation is essential to ensure that AI is developed and used responsibly and ethically. New York City’s Department of Consumer and Workplace Protection passed Local Law 144 in 2021, requiring employers to conduct bias audits of automated employment decision tools (AEDTs) before using them to enact hiring or promotion decisions. AEDTs include algorithms that use social media data to determine who sees a job advertisement, tools that analyze keywords in résumés and programs that ascertain a candidate’s personality traits. The enforcement of these rules will begin on July 5, 2023.
Full report : Artificial Intelligence Is Getting Regulated.
