AI in Regulation: Risks, Benefits and Potential Impact on Compassionate Regulation

The gifts technology bestows upon regulation are vast and considerable, and the sheer potential it is likely to offer regulators soon is barely comprehensible in vastness and scope. The power of artificial intelligence has unfolded at a pace unseen, with generative AI tools barely known a year ago now center stage in many sectors.

While regulators around the world have widely varying levels of enthusiasm for and utilization of AI-powered tools, their potential will eventually – or swiftly – necessitate adoption and strategic consideration. As AI is incorporated into regulatory processes, regulators will reap great advantages, from leveraging automation to minimize human involvement in manual, repetitive, and time-consuming tasks, to the explosive possibilities of predictive insights only AI-powered tools may derive.

However, between the impersonal nature of technology, AI’s reliance on inherently biased human-sourced data, and its inability to grasp nuances otherwise evident in human-to-human interactions, the risks of a digital future gone wrong are sharper than ever.