Foundation Models: Opportunities, Risks and Mitigations

The Ada Lovelace Institute's 2023 report on foundation models examines the regulatory gap between existing EU and UK frameworks and the capabilities and deployment patterns of large foundation models. It argues that the EU AI Act's risk-based approach was designed before foundation models became dominant and requires adaptation. The report identifies specific governance challenges — accountability gaps when foundation models are deployed through APIs by third parties, difficulty of pre-deployment risk assessment for general-purpose systems, and the challenge of monitoring foundation model behaviour across diverse downstream applications. AICI considers it the most practically useful analysis of the governance challenges specific to foundation models.

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