The Isle of Man has announced plans to establish a national office for AI development and regulation by the end of this year. It has become one of the first small jurisdictions to take critical action on artificial intelligence (AI) governance.
Prime Minister Alfred Kannan says there are three reasons behind the initiative. It is designed as follows: Protect your competitiveness as AI forms a global market. It could seize regulatory opportunities and turn compliance into a competitive advantage. Digitalize government services with the goal of saving £50 million over five years.
Commenting in a welcoming speech at the fourth Mann Government Island Conference, the Prime Minister said that AI capabilities are a major challenge to the status quo, and those who are not prepared will have a hard time staying competitive. He also highlights the potential risks to the economy that come from rapid technology change, and says these also need to be considered.
Kannan said, “The public and private sectors must work in lockstep to realize and recognize the benefits and opportunities presented by rapid advances in technology.
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“By establishing a national office for the development and regulation of AI, both government and business can work together to coordinate and promote the island's response to the AI revolution.”
The prime minister said the island needs to consider skills and training, as well as increased demand for the government to regulate AI.
“It is clear that as part of the development of this technology, the government will be challenged to regulate,” he said. “The EU's recent artificial intelligence laws show where things are heading, and the Human Island inevitably has to consider that position. Of course, if we can see where regulations and laws offer competitive advantages, regulations may also give us opportunities.”
The new national office for AI development and regulation will serve to promote government plans to digitalize public services and improve efficiency as part of an effort to save £50 million over the next five years.
