The EU AI Act is set to take effect on August 1, 2024, with full enforcement commencing by August 2, 2027. Companies must prepare for compliance by focusing on forthcoming “Harmonized Standards” which will clarify ambiguous requirements in the Act. These standards provide a framework for risk management and compliance for high-risk AI systems and will offer a “presumption of conformity” to businesses. Despite challenges, companies should monitor the development of these standards to ensure adherence and integration into their operations well ahead of the substantial deadlines.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| EU AI Act implementation initiated | From no regulation to enforced compliance | Standardized AI regulations accepted globally | Safety and trust in AI technologies |
| Compliance requirements become clearer | From vague guidelines to specific standards | Streamlined compliance and innovation | Need for effective risk management |
| Adoption of Harmonized Standards | From individual regulation to harmonized compliance | EU becomes a leader in AI governance | Facilitate fair competition and innovation |
| Risk assessment guidelines defined | From unstructured to structured risk management | More secure AI systems in use | Protect consumers and enhance user trust |
| Encouragement for international standards adaption | From localized standards to global adaptation | Widespread compliance benefits globally | Integration of international trade standards |