Artificial Intelligence (AI) has become a global focus, prompting regulators to adapt governance frameworks to ensure its responsible use.
This discussion paper explores the pioneering legislation of the European Union's AI Act, the
world's first comprehensive regulatory framework for artificial intelligence. It delves into the AI
Act's risk-based approach to categorising AI systems, its implications for the insurance and risk management sectors, and its specific relevance to actuarial practices.
The paper highlights the intersection of the AI Act with other regulatory frameworks, offering
actionable insights for actuaries to align compliance efforts with responsible AI deployment. The discussion emphasises the role of actuaries in ensuring AI systems are transparent, ethical, and aligned with societal and organisational goals.
The insights provided aim to guide professionals in navigating the complexities of AI governance while leveraging its potential to innovate and manage risks effectively.