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Tailored compliance advice for AI and digital technology businesses
Businesses and other organisations developing innovative digital technologies such as AI will welcome a pilot project to help them ensure compliance with applicable regulatory regimes.
The pilot comprises the launch of an AI and Digital Hub, run by the Digital Regulation Cooperation Forum (DRCF), which will give organisations access to tailored, joined-up advice to help them navigate relevant regulatory requirements as smoothly as possible. The government says this will enable them to focus better on their digital technology projects so that their innovations ‘reach the market quickly, safely and responsibly’ and benefit the UK economy earlier.
The DRCF is made up of the Competition and Markets Authority, the Information Commissioner’s Office, Ofcom and the Financial Conduct Authority – regulators involved in the oversight of innovative digital and AI developments.
The pilot will run for 12 months from the first half of 2024.
Organisations will be invited to apply for advice in due course. The government envisages the DRCF will hold a competition allowing innovators to set out where they need support from regulators. The winners will have to meet criteria established by the government and the regulators.
The pilot has been announced against the background of the House of Commons Science, Innovation and Technology Committee interim report published on 31 August 2023, based on input from its earlier inquiry into the governance of AI. The government is expected to respond to this by publishing a further report.
Organisations can learn more about the new advisory service on the GOV.UK website.
ACCA is actively supporting the profession with developments in AI through various work including its response to government on AI regulation and professional insights reports: Building the foundations for trusted artificial intelligence and Digital horizons: technology, innovation and the future of accounting.