The professionalisation of AI assurance, including algorithmic audits and impact assessments, helps companies demonstrate trustworthiness and mitigate AI-related harms. While existing regulations have incentivised AI assurance, recent political shifts towards deregulation pose challenges. The Ada Lovelace Institute suggests that market incentives, such as reputational damage prevention and increased customer trust, can motivate companies to adopt assurance practices voluntarily. Assurance can also indicate reduced risk for investors. The report emphasizes the need for adaptive frameworks to align with technological advancements and evolving AI assurance standards.
Market-driven forces, like preventing reputational damage stemming from unassessed and underperforming systems and increasing customer trust, may provide a 'competitive advantage' incentive for companies to voluntarily adopt assurance.
Adopting assurance can signal to individual and institutional investors that a company has meaningfully reduced the risk of high-profile or high-cost failures. These strategies already exist as incentives for businesses.
The uncertain political economic climate underscores the need for adaptive frameworks that can evolve alongside both the technology and the growing body of evidence around what AI assurance looks like.
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