Preparing Your Business for the EU AI Act with KPMG’s EU AI Hub

The EU AI Hub, recently launched by Cranium, KPMG, and Microsoft, is a service aimed at helping businesses navigate and comply with the newly enacted EU AI Act. The Act, approved by the European Union Parliament on March 13, 2024, imposes strict regulations on businesses offering AI products in the region, including rules on facial recognition, safeguards, and handling consumer complaints.

The EU AI Act is set to come into force no earlier than late 2024, prompting many companies to explore compliance measures to avoid penalties. To assist with this complex task, the EU AI Hub was established.

Through the EU AI Hub, businesses can access expertise and technologies from KPMG, Cranium, and Microsoft to identify and implement the necessary compliance steps. The Hub will guide businesses in understanding how the EU AI Act applies to their products and help them embrace AI responsibly.

Users of the Hub will receive support from KPMG’s Trusted AI Framework, Cranium’s AI security platform, and Microsoft’s AI technologies. By working with experts, businesses can ensure that their AI implementations are compliant, practical, and ethically sound.

The cost of using the EU AI Hub will vary depending on the level of service required by the business. While some services may be available at little to no cost, more extensive support and technology implementation will come at a higher investment.

Businesses located in the 27 EU member states or with customers in those states are advised to consider using the EU AI Hub to ensure compliance with the AI Act. Developers of AI systems deemed “high risk” will face specific obligations under the Act, including mandatory impact assessments on citizens’ fundamental rights.

The deadline for compliance with the EU AI Act is expected to be in phases, with bans on prohibited practices coming into effect approximately six months after publication in the EU Official Journal. Companies that fail to comply with the Act risk fines ranging from €35 million to €7.5 million, depending on the size of the company and the severity of the infringement.

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