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Yahoo is buying Artifact, the AI news app from the Instagram co-founders
The Artifact app never quite caught on — but the AI tech underneath it is about to get a huge new audience.
Instagram’s co-founders built a powerful and useful tool for recommending news to readers — but could never quite get it to scale. Yahoo has hundreds of millions of readers — but could use a dose of tech-forward cool to separate it from all the internet’s other news aggregators. And so, the two sides are joining forces: Yahoo is acquiring Artifact, the companies announced on Tuesday.
The two sides declined to share the cost of the acquisition, but both made clear Yahoo is acquiring Artifact’s tech rather than its team. Mike Krieger and Kevin Systrom, Artifact’s co-founders, will be “special advisors” for Yahoo but won’t be joining the company. Artifact’s remaining five employees have either gotten other jobs or are planning to take some time off.
The acquisition comes a bit more than a year after Artifact’s launch and about three months after Systrom and Krieger announced its death. “We have built something that a core group of users love,” the co-founders wrote in January, “but we have concluded that the market opportunity isn’t big enough to warrant continued investment in this way.” They said that the biggest reason to shut down was in order to focus on “newer, bigger and better things that have the ability to reach many millions of people.” The bet behind Artifact was always that AI had the potential to be a huge, internet-changing technology; maybe there were just more interesting things to work on than a news app without a big news audience.
Systrom and Krieger posted the note without shopping the company to potential suitors or trying to raise money. They were Artifact’s only investors, they’d run a pretty lean business, and they felt like they could just move on. But then, companies started calling. Systrom tells me that he had “on the order of 10” conversations with other companies after the shutdown note. “A lot of organizations care deeply about news and personalized content,” he says, “and I think they’re looking around and saying ‘Wow, there’s this new wave of AI… maybe we should figure out what’s going on.’ Maybe that’s what I discounted originally.”
Yahoo was one of those calls. The company first began exploring an Artifact acquisition after reading that shutdown letter, says Kat Downs Mulder, the general manager for Yahoo News. “They put a ton of love and care into the way that their content taxonomy and recommendation systems work,” she says. “How the content is categorized, what signals feed into that content, how to identify what’s really working and can connect and is relevant with you, and then the UX of connecting the user with that content — that whole journey is really hard to get right.” Yahoo has long been working on personalization and recommendations, but Artifact built something special.
That’s what Artifact brings to Yahoo. What does Yahoo offer Artifact (other than that undisclosed acquisition price)? Eyeballs. Downs Mulder says more than 185 million people come to Yahoo News every month, which puts Artifact’s personalization and recommendation tech in front of a vastly larger set of users than it likely ever would have gotten on its own. For Systrom, that also means a chance to really see it work. “Every month, we would chip away at growth,” Systrom says, “and we would get to the scale where some of the things we were promised in machine learning and AI would start working, because we had just enough scale to make them work. But it was really hard to move that needle.” Integrating with Yahoo will happen slowly, but it will move that needle in a big way.
Artifact, the app, will go away once the acquisition is complete. But Artifact’s underlying tech for categorizing, curating, and personalizing content will soon start to show up on Yahoo News — and eventually on other Yahoo platforms, too. “You’ll see that stuff flowing into our products in the coming months,” says Downs Mulder. It sounds like there’s also a good chance that Yahoo’s apps might get a bit of Artifact’s speed and polish over time, too.
Both Systrom and Downs Mulder say the integration will take time, that you can’t just drop an Artifact algorithm into Yahoo News and call it a day. But they see a possibility to get everybody into the future a little faster. Yahoo can develop a personalized content ecosystem, the “TikTok for text” that was so alluring to Artifact users. And Artifact can power a news service of the future.
Systrom, meanwhile, says he doesn’t know what’s next. He’s focused on making sure the Yahoo transition goes well, and he and Krieger are always thinking about new ideas. He says he’s as bullish as ever on AI and is asking big questions about what the world needs in an era powered by large language models. But “starting companies is not a seasonal business,” he says. “You don’t, like, start something new every fall.” The idea for Artifact felt too good to pass up — now, he’s looking for the next one.
Source: theverge.com
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The European Union (EU) has finalized the AI Act, a comprehensive regulatory framework designed to address the ethical, legal, and societal implications of artificial intelligence (AI). This landmark legislation has significant implications for employment law and compliance, affecting how organizations develop, deploy, and manage AI technologies. This article explores the key provisions of the EU AI Act and its impact on employment law and compliance.
Overview of the EU AI Act
The EU AI Act aims to ensure that AI technologies are developed and used in a manner that respects fundamental rights, promotes transparency, and mitigates risks. The legislation categorizes AI systems into different risk levels, imposing varying requirements based on the potential impact on individuals and society.
Key Provisions:
Risk-Based Approach: AI systems are categorized into four risk levels: unacceptable risk, high risk, limited risk, and minimal risk. High-risk AI systems are subject to stricter regulatory requirements.
Transparency and Accountability: Organizations must ensure transparency and accountability in the development and deployment of AI systems, including providing clear information about the functioning and decision-making processes.
Human Oversight: High-risk AI systems must incorporate human oversight to ensure that AI decisions can be reviewed and contested.
Data Governance: The Act imposes strict data governance requirements to ensure the quality, accuracy, and fairness of data used in AI systems.
Implications for Employment Law
The EU AI Act has significant implications for employment law, affecting how organizations use AI technologies in hiring, performance evaluation, and workplace monitoring.
Key Implications:
Fair Hiring Practices: AI systems used in hiring and recruitment must ensure fairness and non-discrimination, avoiding biases that could adversely impact candidates.
Performance Evaluation: AI-driven performance evaluation systems must be transparent and provide employees with the opportunity to contest decisions.
Workplace Monitoring: AI technologies used for workplace monitoring must respect employees’ privacy and comply with data protection regulations.
Compliance Requirements
Organizations must comply with the EU AI Act’s requirements to ensure the ethical and legal use of AI technologies. Compliance involves several key steps and considerations.
Compliance Steps:
Risk Assessment: Conducting a thorough risk assessment to categorize AI systems and determine the applicable regulatory requirements.
Transparency Measures: Implementing measures to ensure transparency in AI decision-making processes, including clear documentation and communication with affected individuals.
Human Oversight: Establishing mechanisms for human oversight and intervention in AI decision-making processes, particularly for high-risk AI systems.
Data Management: Ensuring robust data governance practices to maintain the quality, accuracy, and fairness of data used in AI systems.
Challenges in Compliance
Complying with the EU AI Act presents several challenges for organizations, requiring careful planning and execution.
Key Challenges:
Complexity: The complexity of the regulatory requirements can be challenging to navigate, particularly for organizations with multiple AI systems.
Data Management: Ensuring data quality and fairness requires robust data management practices and continuous monitoring.
Resource Allocation: Implementing compliance measures can be resource-intensive, requiring investment in technology, personnel, and training.
The Role of HR and Compliance Teams
Human resources (HR) and compliance teams play a critical role in ensuring that organizations comply with the EU AI Act and address its implications for employment law.
Key Responsibilities:
Policy Development: Developing and implementing policies that align with the EU AI Act’s requirements and promote ethical AI use.
Training and Education: Providing training and education for employees on the ethical and legal implications of AI technologies.
Monitoring and Auditing: Continuously monitoring and auditing AI systems to ensure compliance and address any issues that arise.
Future Prospects
The EU AI Act represents a significant step towards regulating AI technologies and ensuring their ethical and legal use. As organizations adapt to the new regulatory landscape, the focus will be on developing AI systems that are transparent, fair, and accountable.
Future Trends:
Innovation in Compliance: The development of innovative compliance solutions, such as AI-driven compliance tools, will help organizations navigate the regulatory landscape.
Global Impact: The EU AI Act is expected to influence AI regulation globally, setting a benchmark for other jurisdictions to follow.
Continuous Improvement: Organizations will continue to improve their AI systems and compliance practices, fostering a culture of ethical AI use.
Conclusion
The finalization of the EU AI Act has significant implications for employment law and compliance, requiring organizations to ensure the ethical and legal use of AI technologies. By adhering to the Act’s provisions and implementing robust compliance measures, organizations can navigate the complex regulatory landscape and promote transparency, fairness, and accountability in their AI systems. As the AI regulatory landscape continues to evolve, organizations must remain vigilant and proactive in addressing the ethical and legal challenges associated with AI.
Source of the news: SHRM
The post The EU AI Act Finalized: Implications for Employment Law and Compliance appeared first on HIPTHER Alerts.
The medical technology (Medtech) industry is at the forefront of healthcare innovation, developing cutting-edge solutions that improve patient outcomes and streamline healthcare delivery. However, compliance remains a critical concern, with regulatory requirements often viewed as a barrier to innovation. This article explores how compliance, rather than stifling innovation, can drive it by fostering a culture of quality, safety, and continuous improvement in the Medtech industry.
The Compliance Challenge in Medtech
The Medtech industry is subject to stringent regulatory requirements to ensure the safety and efficacy of medical devices. Compliance with these regulations is essential but can be resource-intensive and complex.
Key Compliance Requirements:
FDA Regulations: In the United States, the Food and Drug Administration (FDA) regulates medical devices, requiring rigorous testing and documentation to ensure safety and effectiveness.
EU MDR: The European Union’s Medical Device Regulation (EU MDR) sets stringent requirements for the marketing and distribution of medical devices in the EU.
ISO Standards: International standards, such as ISO 13485, provide a framework for quality management systems in the Medtech industry.
Compliance as a Driver of Innovation
While compliance is often seen as a barrier to innovation, it can also drive innovation by promoting a culture of quality and continuous improvement.
How Compliance Drives Innovation:
Quality Assurance: Compliance with regulatory requirements ensures that medical devices meet high standards of quality and safety, fostering trust and confidence among healthcare providers and patients.
Risk Management: Effective compliance programs help identify and mitigate risks, reducing the likelihood of product recalls and adverse events.
Continuous Improvement: Regulatory requirements encourage Medtech companies to continuously improve their processes and products, leading to innovative solutions that address unmet medical needs.
Market Access: Compliance with global regulatory standards enables Medtech companies to access international markets, expanding their reach and driving growth.
Balancing Compliance and Innovation
Medtech companies must strike a balance between compliance and innovation, ensuring that regulatory requirements do not stifle creativity and progress.
Strategies for Balancing Compliance and Innovation:
Integrated Compliance Programs: Developing integrated compliance programs that align with the company’s innovation goals and support a culture of quality and safety.
Collaborative Approach: Collaborating with regulatory agencies, industry partners, and stakeholders to develop innovative solutions that meet regulatory requirements.
Leveraging Technology: Utilizing advanced technologies, such as artificial intelligence (AI) and machine learning, to streamline compliance processes and enhance product development.
Continuous Training: Providing continuous training and education for employees to ensure they understand and adhere to regulatory requirements while fostering a culture of innovation.
Case Studies of Compliance-Driven Innovation
Several Medtech companies have successfully leveraged compliance as a driver of innovation, demonstrating that regulatory requirements can enhance, rather than hinder, progress.
Case Study Examples:
Innovative Product Development: A Medtech company developed a new medical device that met stringent regulatory requirements, resulting in a product that was safer and more effective than existing solutions.
Streamlined Approval Process: By developing a robust compliance program, a Medtech company streamlined the regulatory approval process, bringing their innovative product to market faster.
Global Market Access: Compliance with international standards enabled a Medtech company to expand into global markets, driving growth and innovation.
The Role of Regulatory Agencies
Regulatory agencies play a crucial role in fostering a compliance-driven culture of innovation in the Medtech industry.
Regulatory Agency Initiatives:
Innovation Pathways: Developing innovation pathways and expedited approval processes for breakthrough medical devices that address unmet medical needs.
Collaborative Partnerships: Forming collaborative partnerships with industry stakeholders to develop regulatory frameworks that support innovation.
Guidance and Support: Providing guidance and support to Medtech companies to help them navigate the regulatory landscape and develop compliant, innovative solutions.
Conclusion
Compliance in the Medtech industry is not a barrier to innovation but a driver of quality, safety, and continuous improvement. By fostering a culture of compliance and leveraging regulatory requirements as a catalyst for innovation, Medtech companies can develop cutting-edge solutions that improve patient outcomes and advance healthcare delivery. As the industry continues to evolve, balancing compliance and innovation will be essential for driving progress and ensuring the safety and efficacy of medical devices.
Source of the news: STAT News
The post Medtech Compliance: Not Regulation, but Innovation appeared first on HIPTHER Alerts.
Artificial intelligence (AI) is rapidly transforming the banking industry, providing innovative solutions to enhance operational efficiency, customer experience, and regulatory compliance. This article examines how AI can help banks navigate the complex regulatory compliance landscape, highlighting the benefits, challenges, and potential applications of AI in compliance.
The Regulatory Compliance Challenge
Banks operate in a highly regulated environment, with stringent requirements to ensure the integrity and stability of the financial system. Compliance with regulations such as anti-money laundering (AML), counter-terrorist financing (CTF), and data protection is crucial but can be resource-intensive and complex.
Key Compliance Requirements:
AML and CTF: Banks must monitor transactions to detect and prevent money laundering and terrorist financing activities.
Data Protection: Ensuring the privacy and security of customer data is paramount, particularly in light of regulations such as the General Data Protection Regulation (GDPR).
Reporting: Banks are required to submit detailed reports to regulators, demonstrating compliance with various regulatory requirements.
AI Applications in Regulatory Compliance
AI technologies offer a range of applications that can help banks streamline compliance processes, improve accuracy, and reduce costs.
Key AI Applications:
Transaction Monitoring: AI algorithms can analyze transaction data in real-time to identify suspicious activities and flag potential AML and CTF violations.
Customer Due Diligence: AI can automate the process of customer due diligence (CDD), verifying customer identities, and assessing risk profiles.
Regulatory Reporting: AI-powered tools can automate the collection, analysis, and submission of regulatory reports, ensuring timely and accurate compliance.
Risk Management: AI can analyze large datasets to identify and assess risks, enabling proactive risk management and mitigation.
Benefits of AI in Compliance
The integration of AI in regulatory compliance offers several benefits for banks, helping them navigate the complex regulatory landscape more effectively.
Key Benefits:
Efficiency: AI-driven automation reduces the time and effort required for compliance tasks, allowing banks to allocate resources more efficiently.
Accuracy: AI algorithms can process and analyze data with high precision, minimizing the risk of human error and ensuring accurate compliance.
Cost Savings: By automating compliance processes, AI can significantly reduce operational costs associated with regulatory compliance.
Scalability: AI solutions can scale to handle large volumes of data and transactions, making them suitable for banks of all sizes.
Challenges in Implementing AI for Compliance
Despite the benefits, implementing AI-driven compliance solutions also presents several challenges that banks must address.
Key Challenges:
Data Quality: The effectiveness of AI in compliance depends on the quality and completeness of the data. Banks must ensure that their data is accurate and up-to-date.
Regulatory Uncertainty: The regulatory landscape for AI is still evolving, and banks must stay abreast of new regulations and guidelines to ensure compliance.
Integration: Integrating AI solutions with existing systems and processes can be complex and requires careful planning and execution.
Ethical Considerations: Banks must consider the ethical implications of using AI, including issues related to transparency, fairness, and accountability.
Future Prospects of AI in Compliance
The future of AI-driven compliance in banking looks promising, with ongoing advancements in technology and increasing regulatory acceptance. As AI continues to evolve, it is expected to play an even more significant role in enhancing regulatory compliance and risk management.
Future Trends:
Advanced Analytics: The use of advanced analytics and machine learning algorithms will enable more sophisticated risk detection and management.
RegTech Solutions: Regulatory technology (RegTech) solutions that leverage AI will become more prevalent, providing banks with innovative tools to streamline compliance.
Collaboration with Regulators: Increased collaboration between banks and regulators will drive the development of AI standards and best practices for compliance.
Personalized Compliance: AI will enable personalized compliance solutions tailored to the specific needs and risk profiles of individual banks.
Conclusion
AI has the potential to revolutionize regulatory compliance in banking, offering significant benefits in terms of efficiency, accuracy, and scalability. While there are challenges to overcome, the future prospects of AI-driven compliance are bright, with ongoing advancements and increased regulatory acceptance paving the way for more innovative and effective solutions. As banks continue to embrace AI, they will be better equipped to navigate the complex regulatory landscape and ensure compliance in the digital age.
Source of the news: BizTech Magazine
The post Can AI Help Banks Navigate Regulatory Compliance? appeared first on HIPTHER Alerts.
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