As the UK prepares for its next general election, there is a focus on the role of artificial intelligence in strengthening the country's economy.
According to Saidot, a leader in AI safety and governance, almost half (47%) of UK business leaders list implementing a proper governance framework as their main priority over the next 12 months, significantly higher than the EU average of 39%.
The survey also addressed the uncertain situation following Britain's departure from the EU, highlighting that despite no longer sharing regulations, companies wanting to develop or deploy AI systems for the EU market will still have to comply with overseas regulations.
UK businesses focus on AI governance
The survey found that while two-thirds (67%) of UK business leaders are aware that EU AI law is relevant to their activities, many are still unclear about how to meet the requirements and comply with local rules.
Additionally, two in five people noted they are having difficulty keeping up with AI capabilities, and with attention divided between the technology's potential and the limitations it imposes, it's clear that businesses are not fully realizing AI's potential.
Shockingly, a quarter (26%) of businesses claim they don’t have the right skills or expertise to ensure regulatory compliance.
Overall, the relatively small survey of 500 European business leaders in the UK, France, Germany and the Netherlands found that most (82%) business leaders recognise the importance of AI governance and ethics, but the UK was notably unprepared.
Commenting on the impact of the EU AI law, Veera Siivonen, CCO and Partner at Saidot, said: “This not only sets a precedent for how AI is governed within the EU, but could also serve as a model for other jurisdictions around the world.”
Sivonen concluded: “To succeed in the future, companies need to implement responsible governance processes while keeping up with the latest AI advancements.”
