Summary of https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2024/02/decoding-the-eu-artificial-intelligence-act.pdf The provided text is an excerpt from a KPMG report that focuses on the implications of the European Union's Artificial Intelligence Act (AI Act) for organizations. The report outlines the key components of the AI Act, which aims to regulate the use of AI systems within the EU, including defining different risk levels for AI systems, establishing obligations for providers and users of high-risk AI systems, and introducing transparency requirements for general-purpose AI models. The report also offers recommendations for organizations to prepare for compliance with the AI Act, including conducting risk assessments, implementing AI governance frameworks, and developing strategies to build consumer trust and manage AI risks.