TheCorporateCounsel.net

Well, it is “back to school” time, and the inevitable question is sure to come up, “what did you do over the summer?” The answer, of course, is “be bombarded by artificial intelligence developments.” I think it goes without saying that generative AI developments have been in “fast and furious” mode of late, so I thought it might make sense to review the bidding for what we observed over the course of this summer:

– At its June meeting, the SEC Investor Advisory committee addressed the regulation of AI.

– We reviewed the evolving AI disclosures of S&P 500 companies (in part 1 and part 2), and a recent report noted how disclosure of AI risks has soared.

– The EU’s AI Act became effective on August 1, 2024.

– The PCAOB reported on the integration of generative AI in audits and financial reporting and is considering further action.

– The Standing Committee on Ethics and Professional Responsibility of the ABA published an opinion providing guidance on the ethical use of generative AI tools by legal professionals.

– MIT launched its AI Risk Repository.

– The Center for Audit Quality released its guide “Audit Committee Oversight in the Age of Generative AI.”

You can find details on all of the latest AI developments in our “Artificial Intelligence” Practice Area. AI developments will also be on the agenda for our “2024 Proxy Disclosure & 21st Annual Executive Compensation Conferences.” For example, we have a panel titled “In-House Insights: Governing and Disclosing AI,” which will feature Kate Kelly of Meta, Erick Rivero of Intuit and Derek Windham of Tesla to discuss how AI is being utilized in the in-house legal functions at public companies. If you can’t make it to the Conferences in person, we also offer a virtual option. Register today by visiting our online store or by calling us at 800-737-1271.

– Dave Lynn