The importance of governance in AI innovation

Governance, including regulatory and non-regulatory mechanisms, can benefit innovation and ensure necessary protections against potential harms. The SCSP has developed four principles, one of which is governing AI use cases and outcomes by sector. This approach allows sector regulators with expertise to regulate AI relevant to their sectors. For example, existing laws and regulations related to discrimination or bias still apply to AI-driven decisions in employment or loans. Another principle is empowering and modernizing existing regulators, ensuring they have the capacity and knowledge to regulate AI, possibly through education, talent, or additional resources.