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Report Offers Roadmap to Regulatory Framework for Ethical AI

Technology for technology’s sake isn’t the best strategy for enterprise, and that’s always been the case. Technology for improved efficiency, improved quality, improved customer service, an improved bottomline, a reduced carbon footprint, a reduced time to market, and/or a reduced time to ROI (return on investment), however, is a good strategy. AI (artificial intelligence) holds incredible promise for transforming the future of work and the future of industries. However, it can be used recklessly. A new report from the U.S. Chamber of Commerce urges the industry to create a regulatory framework to steer the growth and use of responsible, ethical AI.

The U.S. Chamber of Commerce’s Artificial Intelligence Commission on Competitiveness, Inclusion, and Innovation is a year in the making, according to Chamber President and CEO Suzanne P. Clark. It was worth the wait. Clark says the report offers policy recommendations and industry best practices for AI that “provide policymakers and business leaders a roadmap to optimize its many benefits and protect against harms.”

AI adoption is growing steadily, and 35% of companies already use AI technologies in their businesses, IBM’s latest Global AI Adoption Index demonstrates. An even larger percentage (42%) of respondents in the 2022 survey said they were currently exploring AI. Top use cases include leveraging AI to address skill shortages through automation of repetitive tasks and leveraging AI to move toward sustainability goals.

In the not-so-distant future, AI will impact nearly every business and government agency, suggests the U.S. Chamber of Commerce in its newly released AI report. Other key takeaways from the report include the idea that policy leaders must develop thoughtful laws and rules for the development and use of AI. In fact, the report suggests if policy leaders do not step up to regulate AI, it will be to the detriment of the economy. The Chamber of Commerce says the U.S. can and should lead this effort if it wants to ensure future economic growth, compete in a global economy, and secure the nation against harm.

An important part of the report is the commission’s five pillars for AI regulatory policymaking: efficiency, neutrality, proportionality, collegiality, and flexibility. First, the report says policymakers must attempt efficiency by evaluating existing laws and regulations and assessing how they could fill in gaps. Second, it says laws should be technology neutral. Third, it suggests policymakers take a proportionate, “risk-based approach” to AI regulation, which means as risks increase, the regulations would become stricter. Fourth, the report promotes collegiality in the form of interagency collaboration while developing AI regulation. Finally, it says policy should be flexible and allow the private sector to assess risk, follow best practices, and self-regulate as much as possible.

Importantly, the U.S. Chamber of Commerce urges stakeholders in the U.S. to collaborate to create a clear legal definition of AI. Only then, the chamber says, can policymakers truly create a regulatory framework that will support current adoption and guide future innovation without stifling it.

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