What is an AI Risk Management Framework?

An AI Risk Management Framework is a structured approach for identifying, assessing, and mitigating risks associated with the design, development, deployment, and use of artificial intelligence systems. It provides guidelines and best practices to ensure AI systems are trustworthy, ethical, and aligned with legal and societal expectations. Organizations use these frameworks to address potential challenges such as bias, security vulnerabilities, privacy concerns, and unintended consequences. By implementing an AI risk management framework, companies can better manage risks and improve transparency and accountability in their AI initiatives.