Season 7, Ep. 5- David Shrier: Decoding the EU AI Act and Implications for the Rest of the World
Mar 6, 2024
auto_awesome
Futurist David Shrier dives into the EU AI Act's impact on global regulations, governance, and ethics. He shares insights on his new book dissecting AI's influence on job security and industries. Topics range from AI disruption in legal professions to the importance of AI governance and ethics for companies.
EU AI Act emphasizes risk-based approach to regulate AI without over-regulating, addressing biased hiring risks.
AI poses significant job displacement globally, especially in white-collar roles like tax accountants and lawyers.
Investment banking faces restructuring as AI automation disrupts traditional roles like analysts and associates.
Deep dives
David Schreier Discusses Policies and the EU AI Act
David Schreier, a futurist, innovator, and professor, shared insights on policies related to AI and the EU AI Act. He highlighted the EU's principles-based and risk-based approach to regulating AI, emphasizing the importance of not over-regulating while addressing significant risks like biased hiring decisions. Schreier's involvement with the EU Parliament's advisory committee showcased a collaborative effort to craft legislation that navigates the evolving technology landscape.
Implications of Generative AI on Labor Displacement
Schreier outlined the potential impact of generative AI on job displacement, forecasting a significant disruption in job categories globally, particularly in developed countries. The shift towards AI threatens white-collar jobs, including roles like tax accountants and lawyers. This shift poses a fundamental challenge to the labor market, with concerns about widespread job displacement and the need for retraining and adapting to the evolving AI-driven economy.
AI's Influence on Investment Banking and Workforce Dynamics
Examining the impact of AI on investment banking, Schreier highlighted the transformation of traditional workforce dynamics within the industry. The traditional pyramid structure of roles, such as analysts and associates, faces disruption as AI automation replaces tasks like financial modeling and slide presentations. The shift towards AI-driven workflows in investment banks necessitates a reevaluation of skill sets and job roles to align with the changing technological landscape.
The Future of Work with AI in Investment Banks and Management Consulting Firms
As investment banks and management consulting firms embrace technology, they are encountering challenges in succession planning due to the shrinking pool of employees familiar with their culture. This shift is more pronounced than previous disruptions caused by offshoring work. Designing these firms today would involve a small group of senior personnel maintaining client relationships, supported by mid-level employees managing AI systems. The shift towards streamlined structures poses significant profitability potential but raises questions about future promotions and succession.
Importance of Cognitive Flexibility and Continuous Learning in Reskilling for the AI-Driven Labor Market
Cognitive flexibility is crucial in adapting to the AI-driven labor market, where artificial general intelligence (AGI) is a looming advancement. While AGI may not be fully realized for centuries, the current focus is on reskilling and developing cognitive flexibility to leverage human skills such as empathy, creativity, and teamwork that AI cannot replicate. Regular practice, learning new skills rapidly, and problem-solving are emphasized to navigate the evolving job landscape and harness the benefits of AI alongside human capabilities.
Join Jeff and his guest, futurist and innovation catalyst David Shrier, as David draws on his expertise in data, fintech, digital identity, cybersecurity, and innovation to examine the EU AI Act. You’ll learn how David contributed to the development of the Act, and how it may influence AI regulation in the U.S. and the rest of world. Jeff and David will unpack AI and technology policy across the globe, governance, ethics, and so much more! To round out the episode, David offers a glimpse into his latest book, “Welcome to AI: A Human Guide to Artificial Intelligence,” which dissects human and AI capabilities, job security, and industries poised for growth in our AI-driven world.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
