What is the NIST AI Risk Management Framework?
The NIST AI Risk Management Framework is a structured approach developed by NIST to help organizations identify, assess, and mitigate risks associated with artificial intelligence (AI) systems. It guides the integration of AI risk management into existing cyber risk management processes.
This framework consists of several key steps, including defining AI-related risks, establishing risk tolerance levels, assessing the potential impact of AI risks on organizational objectives, identifying and implementing risk mitigation measures, and monitoring and reassessing risks over time.
The NIST AI Risk Management Framework emphasizes the importance of considering AI technologies' ethical, legal, and societal implications while managing risks effectively. It provides organizations with a systematic approach to address the unique challenges posed by AI systems, ensuring that they can leverage the benefits of AI while minimizing potential negative consequences.
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