AI Risk Assessment

A systematic process of identifying, analysing and evaluating the potential risks associated with an AI system, including technical, ethical, legal and societal risks.

A structured process to identify everything that could go wrong with an AI system and rate the likelihood and severity of each risk. Like a risk register, but for AI-specific concerns.

AI risk assessment is the cornerstone of AI governance. Without a structured approach to identifying and evaluating AI risks, organisations cannot make informed decisions about which AI initiatives to pursue and what safeguards are needed.