Advisory Nexus Ltd’s Post

🚨 Follow-Up on the EU AI Act: Navigating Compliance, Step by Step 🚨 In our previous post, we discussed the urgency of preparing for the EU AI Act, with just weeks left before the first rules take effect on 1st January 2025. Here, we dive a little deeper into practical actions to help your business achieve compliance and maintain readiness as regulations evolve. 🔄 Continuous Monitoring & Adaptation Compliance isn’t a one-off effort. The EU AI Act demands ongoing monitoring of your AI systems. Establish mechanisms for: • Regular Audits: Evaluate and document AI systems periodically to ensure they meet evolving standards. • Dynamic Risk Management: Adjust risk assessments as AI systems develop, ensuring new risks are mitigated swiftly. • Policy Updates: Review and revise AI policies regularly to adapt to new requirements or technologies. 🛠 Leveraging Tools and Frameworks Utilise existing tools to streamline compliance: • AI inventory frameworks like ISO/IEC 42001 can help classify and catalogue systems. • GDPR compliance software ensures that data management aligns with both the AI Act and GDPR. 🔎 Engaging Small and Medium Enterprises (SMEs) Compliance isn’t just for large corporations. SMEs must also prepare, even with limited resources. Focus on building an agile team that can implement practical, scalable solutions. SMEs can benefit by: • Outsourcing expertise for impact assessments and policy creation • Utilising online resources or partnerships for AI literacy training 🌍 Extraterritorial Reach: Act Now Non-EU companies impacted by the EU market must comply, and failure could result in fines or reputational damage. Don’t leave compliance to the last minute—act today to protect your business. 📋 Action Recap from the Previous Post • Immediate: Assemble a team and start your AI inventory. • Mid-November: Inventory complete, policies drafted, contracts amended. • Early December: Conduct assessments and team training. • Year-End: Finalise compliance measures. 💡 Advisory Nexus Tip: Use external consultants or specialised services if you need assistance navigating these complexities. Compliance is critical for positioning your business as a forward-thinking leader in the AI space. Missed our last post? Check it out for a comprehensive overview of the AI Act requirements. Ready to get compliant? Reach out today!

Viktor Popov

Founder of Popov Agency | Expert in Digital Marketing & Advertising | Helping Fintech startups grow

2mo

Great insights on the EU AI Act compliance! Continuous monitoring and adaptation are indeed crucial. For SMEs, leveraging comprehensive services like business consulting and tailored marketing solutions can significantly ease the compliance process. It's also worth considering how advanced technological integration, especially AI, can streamline these efforts. Keep up the informative posts! 🌍

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