Insights

Last month, Counselect, as part of the Enterprise Leaders Circle (ELC), hosted a webinar on the likely impact of AI legislation and how businesses can prepare for its integration. The session was led by Saibal Mukherjee, a seasoned legal professional, AI lawyer, and member of the EFPIA Digital Health and AI sub-committee.gh.”

Joining us from Basel, Switzerland, Saibal brought his wealth of expertise in digital transformation and a front-row view of evolving AI regulations. He has advised organisations across Asia, Europe, and the US on navigating regulatory challenges and developing governance frameworks.

To set the stage for the webinar, Saibal Mukherjee and Ritvik Lukose previously shared their insights on how AI legislation and governance frameworks are shaping the future of corporate accountability. Meanwhile the webinar delved into the impact on businesses and strategies to prepare for AI integration.

5 Big Takeaways

Aligning AI Initiatives with Emerging Standards

AI regulations are evolving rapidly, with diverse approaches across jurisdictions, ranging from high-level guidelines to stringent laws like the EU AI Act. This regulatory diversity presents challenges for organisations, particularly those in critical sectors like healthcare and automotive, where AI’s applications are highly scrutinised.

Here are five key insights from our webinar to help businesses navigate this complex landscape:

1. Proactive Engagement
   Businesses must actively engage with AI regulations and stay ahead of the curve. Adopting a proactive approach can help mitigate risks and ensure compliance with emerging legal and ethical standards.
2. Internal Governance
   Establishing robust AI governance frameworks—such as committees, clear guidelines, and risk management structures—is essential for aligning operations with regulations and fostering responsible AI usage.
3. Cross-functional Collaboration
   AI regulation often intersects with related domains such as data privacy, cybersecurity, and industry-specific laws. Compliance with AI regulations demands seamless collaboration across legal, IT, data privacy, compliance, and business teams.
4. Training and Upskilling
   Finally, as AI’s impact on the workforce deepens, upskilling employees and embracing new technologies will be critical to enabling sustainable growth and compliance in an AI-driven world.
5. Global Perspective
   Organisations must adopt a global outlook, recognising the differing regulatory approaches across regions like the EU, US, and Asia. This requires a flexible, jurisdiction-specific compliance strategy that incorporates data privacy, cybersecurity, and sector-specific legislation.

Thought-Provoking Quotes

Some key reflections from the discussion

On navigating diverse regulations:

“Operational agility comes from how we find solutions for internal decisions based on an evolved risk management approach.” – Saibal Mukherjee

On the importance of governance:

“Putting a framework in place is crucial—it mitigates risks and compels you to think about designing better products.” – Saibal Mukherjee

On the role of in-house counsel:

“If you’re an in-house counsel, find out if your company has an AI-governance committee. If it does, secure a seat at the table. If not, initiate one. This will be a critical part of the role moving forward.” – Ritvik Lukose

The Way Forward

The message is clear: businesses must proactively and responsibly engage with AI governance as the technology becomes increasingly integral to operations.