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NIST Artificial Intelligence Risk Management Framework

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The potential threat of Artificial Intelligence (AI) is straight out of a sci-fi movie. The National Institute of Standards and Technology (NIST) has developed a framework to help businesses manage AI risk. 

The NIST is a non-regulatory agency of the United States Department of Commerce that provides standards, guidelines, and best practices to promote technological innovation and economic competitiveness.

In recent years, NIST has recognized the need to address the risks associated with AI and has developed a framework for AI risk management. This framework provides organizations with guidance on identifying, assessing, and mitigating risks associated with the use of AI.

There are five key components of the NIST AI Risk Management Framework:

  1. Risk Governance: Establish and maintain an effective governance structure to manage AI risk. Assign roles and responsibilities and define risk management policies.
  2. Risk Assessment: Assess the risks associated with AI systems – identify vulnerabilities, threats, and their potential impacts on individuals and organizations.
  3. Risk Mitigation: Once risks are identified, implement appropriate risk mitigation strategies. This may involve implementing controls, safeguards, and other countermeasures to reduce the likelihood and impact of risks.
  4. Risk Communication: Clearly communicate the risks associated with AI systems to all stakeholders including users, decision-makers, and the general public.
  5. Monitoring and Response: Continuously monitor AI systems to detect and respond to potential risks. Establish mechanisms for incident reporting, analysis, and corrective action.

The NIST AI Risk Management Framework is a structured approach to identifying and managing risks associated with AI systems, ensuring that these technologies are deployed in a responsible manner. This is just one of many approaches available for managing risks associated with AI – consider other relevant standards, guidelines, and legal requirements to develop a comprehensive AI risk management strategy tailored to your organization’s specific needs.

Wondering how you can safeguard your operations against AI risk? Speak with the experts at Kraft Kennedy.