IORMA RESPONSE TO THE HOUSE OF LORDS SELECT COMMITTEE AI REPORT
iO | Disruptive Technologies Strategy Director, IORMA
SUMMARY
On 26th April 2018, IORMA held a reception at the Palace of Westminster for invited guests to discuss the report on Artificial Intelligence issued by the House of Lords Select Committee on 16th April.
Lord Clement-Jones CBE, Chair of the House of Lords Select Committee on AI and Co-Chair of the All Party Parliamentary Group on AI hosted the reception.
At the reception, IORMA and its guests were presented with an opportunity to provide feedback on the recent House of Lords AI Report.
Our response is structured around 3 key themes:
- We appreciate the findings of the Report and declare our intention to work with key stakeholders to support building UK leadership in AI
- A key mandate for IORMA is to identify and represent the interests of the consumer who will be impacted positively and negatively
- We urge an algorithmic led policy framework to facilitate the development of AI engaging all the stakeholder groups involved in its development
IORMA brings together experts with a deep and broad experience of doing global business in order to foresee future trends whilst appreciating today’s realities. We are a neutral resource for Businesses and Governments that recognizes the need to understand and respond to the ways in which the 7.5 billion global consumers are changing – in the products and services they want and need, the way they pay for them, and the ways they want to obtain them.
These changes are happening globally, driven by developments in society, in business and in technology. The changes are important not only for all those dealing directly with consumers, but for businesses at all places in supply networks and for Governments and Academia in preparing for the future associated societal and economic impacts of these changes. In this context we appreciate the transformational impact that AI has and will continue to have over the coming years.
The pace of innovation is increasing and is becoming more targeted and disruptive. We are fully supportive of the House of Lords’ AI report and would recommend that the invaluable work which has been undertaken so far to nurture AI is continued. We believe that a development environment should be enabled which is based on public benefit, where creativity is encouraged and transparency, trust and security are fully embraced.
We are pleased that the Government appears to have accepted the suggestion in the report that a proportion of the £2.5bn investment fund at the British Business Bank should be reserved as a growth fund for SMEs with a substantive AI component. This single move could protect the UK’s lead and build stronger companies capable of winning more business for the UK post Brexit. But there needs to be private-public advisory guidance to ensure a balanced portfolio of investments and that they are at the sharp edge of innovation to ensure AI is life enhancing for citizens and a tangible driver of economic growth.
We hope that the Government’s announcement to set up the Centre for Data Ethics and Innovation will allow policies to be developed to support the ethical and responsible use of AI. It can play a leading role in bringing public and private sector data sets together to allow efficiencies across industry and, ultimately, for the better good of citizens.
For a FREE copy of the full IORMA response report please e-mail IORMA at : [email protected]