Bridging the Gap Between Innovation and Regulation : Developing Effective AI Governance for Safety, Transparency and Public Trust in Software Development Industry

Abstract

Over the last two decades, Artificial Intelligence (AI) technology has made significant advancements and gained widespread acceptance due to several factors. AI is acknowledged as a technological advancement in company management, potentially changing industries and competitive dynamics. Managing AI strategically is crucial for the long-term success of organizations. The Regulation and the Framework Convention are European initiatives addressing the challenge of fostering innovation and competitiveness in AI while protecting fundamental rights and adhering to the rule of law. The present study examined the AI regulatory adherence of Quidgest in the European software industry. Qualitative data has been collected with the help of structured questionnaire with open ended questions. The present study employed the two coding stages of Glaserian grounded theory such as, open and selective coding to analyse qualitative data. The findings of the present study will help the companies to establish an effective compliance management system, which will further help them to develop quality products.