NIST AI Risk Management Framework

The NIST AI Risk Management Framework is the most practical AI governance tool available. It doesn't tell you what to think about AI ethics—it tells you how to actually manage AI risks in your organisation. Built by the US National Institute of Standards and Technology, it's become the de facto standard that regulators reference and companies implement globally.

The framework is built around four functions: Govern (set up your AI governance structure), Map (understand your AI context and risks), Measure (assess and benchmark those risks) and Manage (treat, monitor and communicate about them). What makes it valuable is that it's completely flexible—you can apply it whether you're building cutting-edge AI or just using off-the-shelf tools. The Generative AI Profile they added in 2024 specifically addresses the unique risks of large language models.

For you, this is where theory meets practice. While Australia's Voluntary AI Safety Standard tells you what outcomes to achieve, NIST RMF gives you a tested methodology for how to achieve them. It integrates well with risk management approaches you're likely already using for information security or operational risk. We recommend it as the core operational framework for most organisations because it's comprehensive without being prescriptive, it aligns with international standards and it actually works in real business environments. If you're implementing ISO 42001, NIST RMF provides the risk assessment methodology.