Featured in Fintechview: AI at Work: The Need for Structured Legal Policies
We are proud to announce that our Partner, Klitos Platis, was recently featured in a Q&A session with Fintechview Magazine.
The article discusses the transformative impact of generative AI technologies like ChatGPT on the legal industry and underscores the necessity of structured legal policies to manage associated risks. With insights from our experts, the piece explores how these advancements are reshaping legal operations and the importance of regulations like the European Parliament's AI Act.
The article can be found here, and the full Q&A appears below:
Q1: How is generative AI being used in workplaces, and for what purposes?
Generative AI, particularly large language models (LLMs) like ChatGPT, is increasingly finding its way into workplaces, albeit in the early stages of formal adoption. Its applications range from document generation and internal communication to more complex tasks like coding and idea generation, transforming it into a vital tool for enhancing workplace productivity and innovation.
Q2: What are the key risks employers should consider when integrating Generative AI?
Employers need to be cautious of several risks associated with generative AI:
• Security and Privacy: Data inputted into public LLMs could be vulnerable, raising data protection concerns.
• Accuracy and Completeness: The technology’s probabilistic nature may lead to inaccuracies or incomplete outputs, potentially affecting decision-making processes.
• Bias: Output from generative AI could reflect existing societal biases, leading to discriminatory outcomes or content.
Employers must carefully consider these challenges, draft and implement policies to safeguard data and ensure the responsible use of AI technologies to prevent discriminatory outcomes or inaccurate decision-making.
Q3: Is Implementing a Generative AI Policy Essential for EU Employers?
Absolutely. Given the widespread use and inherent risks of generative AI, establishing a comprehensive policy is crucial. Such a policy should detail acceptable use cases, define approved platforms, and set guidelines for data handling, content verification, and employee training, aiming to balance risk mitigation with the productivity benefits of AI tools.
Q4: What Employment-Related Claims Could Arise from the Misuse of Generative AI?
Misuse of generative AI could lead to various employment-related claims in the EU, including:
• Claims related to bias and discrimination, if AI-generated decisions reflect systemic biases.
• Unfair dismissal or detrimental treatment claims, if AI contributes to decision-making without adequate human oversight.
• Intellectual property infringement claims, if employees use AI to create content that violates third-party IP rights.
Q5: Following the European Parliament's Adoption of the AI Act, How Should Businesses Prepare for Generative AI Integration?
A: The European Parliament's recent approval of the AI Act, signals a significant shift in how businesses must approach generative AI in the workplace. The AI Act is designed to safeguard fundamental rights, democracy, the rule of law, and environmental sustainability against the risks posed by high-risk AI technologies, while simultaneously promoting innovation and establishing Europe as a global leader in AI development.
With the AI Act set to regulate AI applications based on their risk levels, businesses must align their AI strategies with the new legal framework. This involves conducting AI risk assessments, consulting legal experts, and ensuring AI deployments are transparent, equitable, and within the legal standards set by the EU, thus fostering a responsible AI ecosystem.
Who is who
Klitos Platis, an Advocate, Legal Consultant, and Partner at Kleanthous & Platis, is primarily engaged in litigation, real estate, energy, and fintech. With a BSc in Economics and memberships in both the Bar of England & Wales - being part of the Honourable Society of the Inner Temple - and the Cyprus Bar, Klitos combines his legal knowledge with economic principles to provide holistic solutions. Beyond his practice, Klitos contributes to professional development as a trainer with the Human Resource Development Authority of Cyprus.