Modulos AG Welcomes the Approval of the EU AI Act

Emphasizing Commitment to Responsible AI Development

Zurich, Switzerland – March 13, 2024 Modulos AG, a leading AI technology company, today expressed its strong support for the European Parliament’s approval of the EU AI Act, a landmark legislation aimed at regulating artificial intelligence (AI) systems within a risk-based framework. The AI Act, which received overwhelming support with 523 votes in favor, is set to transform the way AI systems are deployed in the European Union.

“With the approval of the AI Act, the EU is pioneering a fundamental shift from best practice guidelines to legally binding requirements for AI governance. This legislation not only sets a global standard that echoes the impact of GDPR in the area of data protection but also establishes a rights-centric approach to AI, emphasizing the need to mitigate risks and potential harms to citizens and society.”

Kevin Schawinski, CEO of Modulos

The AI Act focuses on ensuring AI development and deployment are conducted with a high degree of consideration for fundamental rights and societal impacts. The Act mandates that organizations using AI technologies must rigorously assess and mitigate risks, highlighting the EU’s commitment to fostering a digital ecosystem that is both innovative and responsible.

Andrea Basso, on Modulos’ Advisory Board, highlights the potential for the EU AI Act to have a worldwide impact, leveraging the Brussels Effect, much like GDPR. “We anticipate it will drive the adoption of similar AI laws by other governments globally. The contributions to IEEE’s P7018 – LLM Trustworthiness – and P7003 – Algorithmic bias – standards embody the commitment to responsible AI governance, preparing the company for the regulatory shifts ahead.”

As the AI Act prepares to enter into force, Modulos reaffirms its dedication to pioneering Responsible AI technologies that respect and promote fundamental rights, demonstrating a model for compliance and innovation in the AI industry. 

About Modulos

Modulos AG, founded in 2018 and headquartered in Switzerland, stands at the forefront of AI technology. The company specializes in helping organizations govern AI products and services responsibly within regulated environments. The Modulos AI Governance platform empowers businesses to enact responsible AI governance policies, while simultaneously streamlining compliance through industry best practices.