The Impact of the COVID-19 Pandemic and the European Union Artificial Intelligence Act on the Implementation of AI Systems in Europe

Ewa Dalek-Trudnowska

Chapter 2 in Corporate Risk Management after the COVID-19 Crisis, 2023, pp 35-64 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The COVID-19 pandemic accelerated the implementation of various types of Artificial Intelligence systems. That happened because the machines are not directly affected by the virus. This study concerns the European Union (EU). In Europe, the legislation systematically evolves and adjusts to quickly expanding technology in order to protect the EU residents and ensure the safe implementation of advanced technologies. The latest, and very innovative, is a proposed Regulation of the European Parliament and of the Council laying down harmonised rules on Artificial Intelligence, in short, the EU Artificial Intelligence (AI) Act. The EU AI Act applies to all industries. This is a socio-legal study that aims to analyse the impact of the European Union legislation on corporate risk management in relation to changes that result from the introduction of AI systems into business operations and the COVID-19 pandemic. This chapter focuses on regulatory compliance risk management and asks whether the EU Artificial Intelligence Act imposes a risk on companies that implement AI systems into their business operations in Europe. In addition, it investigates how the COVID-19 pandemic affected the implementation of different types of Artificial Intelligence systems as well as work and labour relations. Therefore, this study investigates the EU legislation related to AI systems.

Keywords: COVID-19; Pandemic; Coronavirus; Small and Medium sized Business; SME; Risk Management; Keynesian Theory of Business Cycle; Social-Ecological Theory; Social Cognitive Theory; Nigeria; EU Artificial Intelligence Act; European Union; Artificial Intelligence; Labour relation; Fintech; Business Model; Economic Growth; Regulators; Policy Makers; Business; Corporate; Finance; AI; T-Shaped Teams; Al Janabi Model; Algorithms; Commodity; Crisis; Liquidity Risk; Internet of Things (IoT); Liquidity-Adjusted Value-at-Risk; Reinforcement Machine Learning; Optimization; Portfolio Management (search for similar items in EconPapers)
JEL-codes: G3 G32 (search for similar items in EconPapers)
Date: 2023
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