Ahead of Europe’s AI Act that could establish a benchmark for how national governments regulate artificial intelligence tools, the Group of Seven (G7) developed nations has said that a “risk-based” regulation of AI could be a potential first step towards creating a template to regulate emerging tools such as Open AI’s ChatGPT and Google’s Bard. In a joint statement released at the end of their two-day meeting in Japan on Sunday, G7 ministers said such regulation must “preserve an open and enabling environment” for the development of AI technologies while being based on democratic values. Risk-based approach G7’s “risk-based” approach…