Monday, February 5, 2024 5:20 a.m.
Artificial intelligence could become London’s next big industry, but only if we build the trust needed to develop the technology, writes Michael Mainelli
Even though AI has already permeated much of our daily lives, from facial recognition on your phone when you buy a product, to your bank check as proof of purchase, and if you’re unlucky, when you do so, Parcels won’t arrive until they reach the chatbox you’re talking to – and public opinion on this mysterious technology remains sharply divided.
A survey by the Office for National Statistics last year found that more than a third of adults do not think AI will have a positive impact on their lives, with reasons ranging from suspicion to irrelevance. Although a significant proportion of respondents felt that their knowledge of this technology was limited, 43% of those who were optimistic about this brave new world still believed that the technology would equate benefits and risks. I thought it would bring.
Regardless of our views, the course has already been decided and cannot be reversed. In other words, the genie is out of the bottle. In fact, despite being only at the base of its development, the sector already contributes £3.7 billion to the UK economy, with 3,000 AI companies based around the island and employing around 50,000 people in total. We are hiring.
PwC predicts that AI could boost UK GDP by up to 10.3% in 2030. This equates to an additional £23 billion for him. And that’s before considering the nearly limitless opportunities across the health, education, justice and FPS sectors, explored further in our recent report with EY, “AI: Accelerating Innovation.” These are benefits we don’t want to miss out on.
If we want to live up to its potential and harness it in a way that is safe, transparent, responsible, and does not contribute to inequality, we must prevent people from accessing such useful technology in the first place. Disincentives need to be reduced. This requires trust that AI is being developed and used in a responsible and ethical manner.
This is where the city of London takes shape. An often forgotten fact is that the word ‘Hallmark’ – the official stamp of purity that lends credibility – originates from Goldsmith Hall, one of the Square Mile’s hidden gems. And like our medieval London guild predecessors, we need to find ways to instill confidence in the quality of our burgeoning products.
The International Organization for Standardization (ISO) is an independent, non-governmental international organization of 170 national standards bodies. The standards it set are on par with modern ones. There are already three ISO AI standards covering terminology, ethics, and AI-related risk management. And building on this work, the 695th Mayor’s Ethical AI Initiative, launched last summer, promotes community standards to provide trust and ensure good practices.
This requires professional certification, with online ethics courses led by the Chartered Institute of Securities and Investment for those working in the FPS field, and AI-certified ethics courses run by the British Computer Society for technical professionals. there is.
In just 12 weeks, more than 3,000 professionals from more than 240 organizations in 53 countries have registered, and more than 200 alumni have enrolled. And on March 27th, he will hold a summit at Mansion House that will also focus on company-wide certification. In fact, given this success, we are already considering extending the course to executives and other professions such as law, surveying, accounting and pharmaceuticals.
At Square Mile, we have access to incredible talent and unparalleled global connections. This is just two of the reasons why his two giants in the AI world, Anthropic and OpenAI, both opened offices in London last year. Rather than being passive recipients of AI, we leverage our convening power and deep knowledge pool to lead the international development of standards and help shape the trajectory of AI for years to come. You can contribute.