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The European Union's AI Act has officially come into effect on September 18, 2024, setting a new standard for AI governance and compliance. The regulation aims to ensure safety in AI applications across various sectors and addresses the risks associated with AI systems. It emphasizes data sovereignty, cost-effectiveness, and scalability for AI businesses in Europe. The Act encourages AI providers worldwide to comply with these international standards. Companies like Diligent have launched AI Act Toolkits to help organizations navigate the new regulations. The initiative, supported by companies like Microsoft and legal advisors like Orrick, is seen as a significant step towards fostering trustworthy AI and protecting fundamental rights in Europe.
