The EU AI Act is a good start but falls short

Abstract: The EU AI Act was created to ensure ethical and safe AI development and deployment across the EU. This study aims to identify key challenges and strategies for helping enterprises focus on resources effectively. To achieve this aim, we conducted a Multivocal Literature Review (MLR) to explore the sentiments of both the industry and the academia. From 130 articles, 56 met the criteria. Our key findings are three-fold. First, liability. Second, discrimination. Third, tool adequacy. Additionally, some negative sentiments were expressed by industry and academia regarding regulatory interpretations, specific requirements, and transparency issues. Next, our findings are three essential themes for enterprises. First, risk-based regulatory compliance. Second, ethical frameworks and principles in technology development. Third, policies and systems for regulatory risk management. These results identify the key challenges and strategies and provide less commonly discussed themes, enabling enterprises to align with the requirements and minimize their distance from the EU market.