The Isle of Man has announced plans to set up a National Office for AI Development and Regulation before the end of this year – making it one of the first smaller jurisdictions to take decisive action on artificial intelligence (AI) governance.
Chief Minister Alfred Cannan says the reasons behind the initiative are threefold. It is designed to: protect competitiveness as AI reshapes global markets; seize opportunity in regulation, potentially turning compliance into a competitive advantage; and digitise government services, with a goal of saving £50 million over five years.
Making the announcement during his welcome address at the fourth Isle of Man Government Conference, the Chief Minister said that the capabilities of AI will significantly challenge the status quo and that those who are unprepared will struggle to remain competitive. He also highlighted the potential risks to the economy that come from rapid changes in technology, saying these also needed consideration.
Cannan said “the public and private sectors must work in lockstep to realise and recognise the benefits and opportunities presented by rapid advancements in technology.
“Establishing a National Office for AI Development and Regulation will enable both government and business to work together in co-ordinating and driving forward the Island’s response to the AI revolution.”
The Chief Minister said the Island would need to look at skills and training as well as the growing demand for governments to regulate AI, which need to be considered responsibly, and which could offer opportunities for the Island’s economy.
“It is clear that as part of the development of this technology, governments are going to be challenged to regulate,” he said. “The EU’s recent Artificial Intelligence Act is an indication of where things may be heading, and the Isle of Man inevitably will have to consider its position. Of course, regulation may also give us opportunity if we can figure out where regulation or legislation can give us competitive advantage.”
The new National Office for AI Development and Regulation will play a role in bringing forward Government’s plans to digitise public services and improve efficiency as part of its efforts to save £50 million over the next five years.
