Unlocking the Power of AI: Smart Public Policy for Maximum Benefits

Table of Contents

1. Introduction
2. The Role of Public Policy in AI Innovation
3. Building Trust in AI through Public Policy
4. Concrete Policy Proposals at Workday
5. The AI Risk Management Framework by NIST
6. Aligning with Industry Standards and Regulations
7. The Evolution of AI Regulation in Europe
8. Global Conversations and Trends in AI Policy
9. The Role of States in AI Policy
10. Looking Ahead: Challenges and Opportunities in AI Policy
11. Conclusion

🌟 Highlights:

• Public policy plays a critical role in fostering AI innovation while maintaining ethical values.
• Trust and accountability are key factors in building public support for AI development.
• Workday focuses on providing risk-based policy proposals to ensure trustworthy and innovative AI use.
• The AI Risk Management Framework by NIST serves as a valuable guide for organizations.
• EU is making significant progress in regulating AI and is expected to set the benchmark for responsible use.
• Global conversations on AI policy are taking place in countries like Canada, the UK, Singapore, and Japan.
• States are stepping in to fill the policy void in the absence of federal action on AI regulation.
• Challenges include potential fragmentation and the need for smart policies to ensure a trustworthy AI future.

Introduction

In today's world, the development and deployment of artificial intelligence (AI) have tremendous potential. However, to fully maximize this potential and minimize associated risks, it is essential to have smart public policy in place. Chandler Morse, the Vice President of Public Policy at Workday, shares his insights on the critical role that public policy plays in fostering AI innovation while staying true to social and ethical values.

The Role of Public Policy in AI Innovation

There is a growing awareness among civil society groups, companies like Workday, and policymakers about the importance of responsible AI development. The conversation around AI's impact on society has been ongoing, but the recent explosion of AI into various use cases has intensified the focus on public policy. Public policy officials are turning their attention to the responsible development and use of AI to build trust and ensure trustworthiness.

Building Trust in AI through Public Policy

Public policy can play a vital role in building trust in the development of AI. Workday believes in providing concrete policy proposals that not only build trust in AI but also support innovation. Their approach involves focusing on risk-based policies that prioritize use cases with a direct impact on people's lives. Additionally, accountability tools and impact assessments are crucial for ensuring responsible AI use and immediate implementation of policies.

Concrete Policy Proposals at Workday

Workday emphasizes the importance of risk-based policy proposals that address real-world concerns. By targeting specific use cases and prioritizing accountability, Workday aims to build trust in AI. They advocate for an impact assessment approach, similar to what has been successful in the field of privacy. Workday recognizes the different roles in the AI landscape and proposes clear responsibilities for each, providing policymakers with options for effective regulation.

The AI Risk Management Framework by NIST

The AI Risk Management Framework developed by the National Institute of Standards and Technology (NIST) is a valuable resource for organizations venturing into AI development and use. NIST has a proven track Record with frameworks such as the cybersecurity framework and the privacy framework. The AI Risk Management Framework provides a roadmap for organizations to measure, map, manage, and govern their AI risks. It creates a common language for discussions on responsible AI use and aligns with other industry standards.

Aligning with Industry Standards and Regulations

NIST's collaborative approach and status as a gold standard in standards development make it a central player in AI governance. Other countries and regions, such as the European Union (EU), look to NIST as a benchmark for their own AI regulations. The EU, known for its comprehensive privacy regulation (GDPR), is taking a thoughtful approach to regulate AI. Through high-level expert groups and consultations, they are developing a legislative draft with a risk-based approach. NIST's framework serves as a bridge between the U.S and EU conversations on AI regulation.

The Evolution of AI Regulation in Europe

Europe is making significant progress in regulating AI. The EU's decision to regulate AI several years ago demonstrates their commitment to responsible technology governance. They have set up expert groups, conducted consultations, and prepared legislative drafts. The ongoing debate is expected to culminate in a proposal by the end of the year, aiming for implementation in the following year. Europe's risk-based approach sets the standard for AI regulation, and Workday actively collaborates with European policymakers to ensure workable requirements.

Global Conversations and Trends in AI Policy

AI policy conversations are taking place globally, with various countries and regions making significant strides. Canada has introduced a new bill, the UK is considering post-Brexit AI handling, Singapore continues to lead in the APJ region, and Japan has announced an update to its AI national strategy. These developments reflect the exponential growth of both AI innovation and policy discussions.

The Role of States in AI Policy

In the absence of congressional action in the United States, states are stepping up to fill the policy void. States like California, known for its proactive approach to privacy, are now exploring AI regulation. Workday engages in conversations with policymakers to educate them about tried-and-true tools, such as impact assessments and third-party auditing. The focus is on short-term gains in building trust, considering the lack of mature standards in AI.

Looking Ahead: Challenges and Opportunities in AI Policy

As AI continues to evolve, there are challenges that policymakers and organizations must address. One challenge is the potential for international or global fragmentation in AI governance. Another challenge lies in defining the future of work and adapting to new models. However, these challenges Present opportunities for organizations to leverage AI and take a skills-based approach to Scale. Smart policies that establish AI guardrails and ensure responsible and trustworthy use are critical for future success.

Conclusion

Public policy plays a critical role in fostering AI innovation while minimizing risks and building trust. Workday recognizes the importance of risk-based policy proposals, accountability tools, and impact assessments in supporting innovation and ensuring responsible AI use. Collaboration between policymakers, industry leaders, and organizations like NIST and Workday paves the way for a future where AI is developed and deployed in ways that maximize its potential and Align with social and ethical values.