Tag: #legislation

Irish Firms Embrace Responsible AI: Adoption of Guidelines Doubles in 12 Months

In the last 12 months, there has been a notable jump in the number of financial services firms in Ireland implementing guidelines to ensure the responsible use of Artificial Intelligence (AI). New research reveals that twice as many compliance experts as last year now report that their firm has adopted such measures.

This is according to the results of a new survey by Ireland’s professional body for compliance professionals, the Compliance Institute, which polled 144 compliance experts working primarily in Irish financial services organisations nationwide.

The survey, which examined trends around AI, found that this year, 16pc of compliance professionals said that an AI governance framework (an infrastructure with clear guidelines and standards to ensure that AI technologies are used responsibly) was in place in their organisation – up from 7pc in 2024

However, the Compliance Institute survey also found that there has been a fall in the take-up of AI tools in the financial services sector over the last year, with the number of compliance professionals saying their organisation is actively trialling and/ or using AI tools falling from almost four in ten (37pc) in 2024 to just over one in four (26pc) in 2025. This suggests a more cautious approach towards the use of AI within organisations.

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

“AI is a rapidly evolving technology that has advanced at a pace few anticipated. While there are many benefits, including its ability to detect illnesses and diseases as well as weather patterns and extreme storms, its fast-growing capabilities and increasingly widespread use have raised concerns – such as privacy and misinformation issues, the potential of the technology to lead to job displacement, or even the risk of AI-altered images and videos disrupting the democratic process. While many believe AI should be embraced for the benefits it delivers, it is important too that AI is used in a safe and transparent way, and that the use and adoption of the technology is overseen so that harmful outcomes are prevented.

The increase in the number of financial services firms that have put guidelines in place to ensure AI is used responsibly in their organisation shows that there is a strong awareness in the sector of the risks of AI and a determination to ensure the technology is used responsibly.”

Groundbreaking Legislation

The Compliance Institute survey also found that three times as many compliance experts as last year are aware of the groundbreaking piece of legislation that aims to tackle the risks of AI and ensure AI is used safely and transparently – the EU Artificial Intelligence Act.

Almost one in four (23pc) compliance professionals are familiar with the legislation today compared to only 7pc in 2024. However overall, awareness of the rules is still low with just over two-thirds (67pc) of compliance experts having either limited or no knowledge of the new legislation. The poll found there has been a substantial decrease in the number of experts with limited knowledge of the new rules – down from 58pc in 2024 to 29pc in 2023. However, almost three in ten (28pc) said they were not familiar with the legislation.

Mr Kavanagh added:

“It is important that there is strong regulation of AI and this is why the new EU AI Act is so important. This regulation should ensure that AI systems are designed, developed and deployed in an ethical and trustworthy manner and that the fundamental rights, health and safety of the individual are protected while promoting responsible innovation.

While our survey shows there’s been a notable increase in familiarity with the AI Act over the last year, it is worrying that only one in four (23pc) are familiar with the legislation and that almost three in ten are not. The reasons for this lack of familiarity could simply because many compliance experts work in smaller organisations or in a specialist area that doesn’t deal with AI.  All the same, given that the AI Act entered into force on August 1, 2024 and will for the most part be fully applicable across the EU on August 2, 2026, it is important that all compliance experts get up to speed with these new rules. Non-compliance with the Act’s provisions could result in hefty fines ranging from €7.5m to €35m depending on the severity of the infringement and the company’s size.”

Other headline findings to emerge from the Compliance Institute survey include:

  • Almost seven in ten (67pc) compliance professionals say their organisation is not adopting AI tech “so far” – an increase on the 60pc who said this was the case when a similar survey was conducted in 2024.
  • While numbers were small, more than twice as many compliance professionals as last year believe that their organisation will not be using AI tools in the near future (7pc versus 3pc).
  • The percentage of organisations actively developing AI frameworks has fallen from 24pc in 2024 to 17pc in 2025.
  • The number of organisations planning to develop AI frameworks remains stable (40pc in 2025 versus 39pc in 2024).
  • The percentage of organisations that have no plans to implement AI governance frameworks has largely remained the same over the last year (27pc in 2025 versus 30pc in 2024).

Mr Kavanagh concluded:

“The findings of our survey reflect a growing awareness and action on the governance of AI across the financial services sector, though progress is still in its early stages for many organisations.”

Artificial Intelligence: Irish organisations urged to become ‘more familiar’ with future EU legislation

The National Standards Authority of Ireland (NSAI) is urging organisations, especially businesses, to become more familiar with upcoming EU legislation around artificial intelligence (AI). As Ireland’s official standards body, it is also encouraging organisations across the country to get more involved in the sector by helping develop future international AI standards.

To support Irish enterprises, NSAI is teaming up with Danish Standards and European Committees for Standardisation (CEN and CENELEC*) to jointly host a webinar on Friday, November 24th called: ‘Future EU legislation on AI and the important role standards play.’ The event is an initiative under the new European Commission High Level Forum on Standardisation and will feature speakers from the European Commission, national standardisation bodies and companies such as Ireland’s SoapBox Labs.

The use of AI in the EU will be regulated by the upcoming AI Act, which has been described as the world’s first comprehensive AI law. Becoming more familiar with that piece of legislation is a recommended step for all Irish organisations, says Marita Kinsella, Head of Innovation Policy and Business Development with NSAI. She said: “To successfully implement the AI Act, it’s critical for organisations and businesses in Ireland to know what practical implications the AI Act will have for them and also importantly, how they can help influence the development of future standards around AI.”

Earlier this year, the Minister of State for Business, Employment and Retail, Neale Richmond T.D. and Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary T.D., launched the AI Standards and Assurance Roadmap with the NSAI.

The roadmap is a key deliverable under Ireland’s National AI Strategy and is a significant step in ensuring that Ireland is at the forefront of change. Its aim is to support Irish enterprises and organisations in embracing AI safely and ethically, through utilising AI standards that are published and in development.

“All types of organisations, such as state agencies, businesses, non-governmental organisations and academic bodies, are encouraged to contribute to the development of future international AI standards,” said Kinsella.

She added: “In Ireland, for example, organisations can engage with our national committee or can have their say on draft standards through the ‘Your Standards, Your Say’ portal on the NSAI website.”

The webinar on November 24th runs from 10am to 12pm, Central European Time, and bookings can be made through the Danish Standards’ website at https://www.ds.dk/da/ydelser/kurser/future-eu-legislation-on-ai-and-the-important-role-standards-play

Spin welcomes Irish government decision to legalise e-scooters #escooters

Commenting on the Irish government’s decision to legalise the use of e-scooters on public roads today, Steve Pyer, UK & Ireland Country Manager at Spin, said: “We welcome the government’s decision to make e-scooters legal for use in Ireland.  Responsible e-scooter programme operators like Spin have shown how e-scooter sharing schemes can be run in a way that promotes safe and responsible use that respects the needs of all road users.  With experience of running such projects across the US, the UK and Europe, Spin is ready to help people in towns and cities across Ireland to learn how e-scooter use can bring benefits for them and for the economy in their own localities”.

“Just last month, we organised e-scooter safety demonstration events in both Dublin and Cork where we showed how the latest e-scooter models can be set to sound an alarm once they are illegally ridden on a foot path.  The same technology also encourages users to make sure that they park a scooter in a designated area, again through to the use of an audible alarm that sounds until the scooter is parked where it should be”.

“The great opportunity for the roll out of e-scooter services in Ireland is that the authorities here can learn from the best practices in running such services in cities and university campuses across the globe.  We look forward to working with our partners in Ireland on bringing the benefits of e-scooter use to as many people as possible across the country”.