If we are to secure the opportunities and control the challenges of artificial intelligence, it’s time to legislate AI systems that are principles-based, outcomes-focused, input-transparent, and permissioned, that are paid for and understood. In order to do just that, governing bodies around the world have started toward creating holistic regulatory AI frameworks. The EU AI Act, the world’s first AI legislation, officially came into law in August. While the act ensures accountability and auditability of AI systems for fairness, accuracy, and compliance with privacy regulations, it is simultaneously driving interest in AI systems now that there are frameworks in place. A SAP Concur survey found that 51% of CFOs are investing in AI this year compared with only 15% in August 2023. Looking toward the UK, Lord Chris Holmes of Richmond, MBE, has introduced The Artificial Intelligence (Regulation) Bill, which would introduce the AI Authority, a new governing body, designed to help address AI regulation in the UK. There are three reasons why we should introduce legislation: social, democratic, economic. From 1940s Bletchley to 2020s United Kingdom, it’s time for human led, principle-based artificial intelligence, for transparency, innovation, interoperability, and international focus for accountability and assurance for AI developers, deployers, and for democracy itself. Lord Holmes is a passionate advocate for the potential of technology and the benefits of diversity and inclusion. His core policy focus is on digital technology for the public good with a particular interest in technologies such as AI and blockchain and areas of application such as fintech and trade. Join us at Sancroft, St Paul’s, on 26 November, where Lord Holmes will open our inaugural NextGen: AI event with a headline keynote about our collective data, our decisions, and our AI futures. Learn more about NextGen: AI and register here.