Material Detail

An Artificial Intelligence Risk Management Framework provides guidance for organizations developing and deploying AI systems to identify and mitigate risks. It involves establishing governance and oversight mechanisms to ensure AI is implemented safely, ethically and reliably. Key elements of the framework include risk assessment processes to evaluate how an AI system could fail or negatively impact users and society. Technical risk management practices like data and model monitoring, testing for biases and inaccuracies are conducted. Procedures for receiving and addressing stakeholder feedback aim to build confidence in how AI performs. The framework also includes non-technical risk controls such as training employees and developing explainable systems. When properly followed, an AI Risk Management Framework helps advance the benefits of AI while safeguarding against challenges.

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