OpenAI will cooperate with President Donald Trump's new initiative to review advanced artificial intelligence models before they are released, according to a top company official.

The move follows Trump's executive order signed Tuesday that calls on AI developers to provide the federal government with access to their models 30 days before public release.

The voluntary program is designed to help officials evaluate the capabilities and potential risks of increasingly powerful AI systems.

George Osborne, OpenAI's head of countries, welcomed the administration's approach.

"It's quite right that democratic governments have a big role to play in how this technology is used and deployed," Osborne told CNBC.

The executive order also calls for companies to participate in testing designed to assess the "advanced cyber capabilities of AI models and determine the threshold at which an AI model should be designated a 'covered frontier model.'"

Speaking at SXSW London, Osborne said OpenAI supports government involvement in monitoring AI safety and security.

He said the company takes its responsibilities "very seriously."

"As this leading frontier lab with these very, very powerful and capable AI models, and we don't wait to be asked," Osborne said. "We proactively suggested ways that governments can keep a track on safety and security issues, not just in the U.S., but more broadly."

Osborne, who served as Britain's finance minister from 2010 to 2016, said governments must avoid locking themselves into rigid regulatory frameworks as AI technology continues to advance.

"Governments are going to have to be smart" over how they regulate the space, he said.

"What we suggest to governments is they create powerful regulatory bodies, but with a lot of flexibility into how they will operate in the future," Osborne added.