{"id":2129,"date":"2025-04-22T17:11:42","date_gmt":"2025-04-22T17:11:42","guid":{"rendered":"https:\/\/solutionsreview.com\/thought-leaders\/?p=2129"},"modified":"2025-04-22T17:11:42","modified_gmt":"2025-04-22T17:11:42","slug":"ai-risks-and-risk-assessments","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/thought-leaders\/ai-risks-and-risk-assessments\/","title":{"rendered":"AI Risks and Risk Assessments"},"content":{"rendered":"<p data-selectable-paragraph=\"\"><img decoding=\"async\" class=\"alignnone size-full wp-image-2130\" src=\"https:\/\/solutionsreview.com\/thought-leaders\/files\/2025\/04\/Monica.jpg\" alt=\"\" \/><\/p>\n<p style=\"text-align: justify;\" data-selectable-paragraph=\"\">Organizations that are developing or using AI solutions expose themselves to unique technology and human-related risks, challenges, and security\/privacy concerns. This puts an emphasis on the importance for companies to complete risk assessments, identify risk acceptance measures, and define an approach for responding to risks. However, despite perceived high volumes and complexities of risks, most organizations describe their risk management processes as immature.<\/p>\n<p data-selectable-paragraph=\"\">We need to fix that!<\/p>\n<p data-selectable-paragraph=\"\">First, we need to define AI risks so we know what we\u2019re up against. According to NIST AI RMF 1.0, potential risks related to AI solutions fall into three buckets:<\/p>\n<p><a class=\"magnific fr-fic fr-dib lightbox-image-container external\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/4f0c5259-4d95-4152-bfc9-8ce4925ee800\/1745007230654.png?ixlib=rails-4.2.0&amp;fm=jpg&amp;q=75&amp;auto=format\" data-effect=\"mfp-zoom-in\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" id=\"125973028\" class=\"fr-fic fr-dib attachment\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/4f0c5259-4d95-4152-bfc9-8ce4925ee800\/1745007230654.png?ixlib=rails-4.2.0&amp;fm=jpg&amp;q=75&amp;auto=format\" width=\"700\" height=\"495\" data-asset-id=\"125973028\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/4f0c5259-4d95-4152-bfc9-8ce4925ee800\/1745007230654.png?ixlib=rails-4.2.0&amp;fm=jpg&amp;q=75&amp;auto=format\" \/><\/a><\/p>\n<p data-selectable-paragraph=\"\">Building trustworthy AI systems and using them responsibly can help mitigate these risks, but that doesn\u2019t mean you can skip the risk assessment.<\/p>\n<h2 data-selectable-paragraph=\"\">Risk Assessments<\/h2>\n<p style=\"text-align: justify;\" data-selectable-paragraph=\"\">Risk assessments should be performed on a regular basis and during any changes to AI solutions, which could be often. The good news is, if the organization has a solid risk assessment process already in place, the AI process can be integrated into that overall process. However, there are some unique considerations that come with assessing AI solutions which include:<\/p>\n<ul>\n<li data-selectable-paragraph=\"\">Measuring AI risk and trustworthiness characteristics<\/li>\n<li data-selectable-paragraph=\"\">Identifying approaches for tracking AI risks<\/li>\n<\/ul>\n<h2 data-selectable-paragraph=\"\">Risk Acceptance Measures<\/h2>\n<p data-selectable-paragraph=\"\">Risk Appetite and Tolerance are two common measures that are defined within the risk management process. Risk appetite is the amount of risk an organization is willing to take and risk tolerance is the acceptable deviation from the risk appetite.<\/p>\n<p data-selectable-paragraph=\"\">What makes these unique with AI solutions is that both AI developers and users must define their overall risk appetite and tolerance for AI solution use and these definitions should be driven by business objectives and consider legal and regulatory requirements.<\/p>\n<h2 data-selectable-paragraph=\"\">Responding to Risks<\/h2>\n<p data-selectable-paragraph=\"\">In the event that risks become reality, you need a defined approach for responding to risks. In most cases, there are four options:<\/p>\n<ul>\n<li data-selectable-paragraph=\"\">Avoid<\/li>\n<li data-selectable-paragraph=\"\">Mitigate<\/li>\n<li data-selectable-paragraph=\"\">Share\/Transfer<\/li>\n<li data-selectable-paragraph=\"\">Accept<\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-selectable-paragraph=\"\">The organization can choose to\u00a0<em>avoid\u00a0<\/em>the risk altogether, which means that they do not develop or implement any AI solutions. The organization can\u00a0<em>mitigate\u00a0<\/em>the risk by establishing strong AI policies and security controls which lessens the probability and impact of a risk event. The organization can choose to\u00a0<em>share or transfer<\/em>\u00a0the risk, which can occur when there is a shared responsibility agreement with an AI vendor or third-party solution. The organization can also choose to fully\u00a0<em>accept\u00a0<\/em>the risk, which typically happens when the risk is deemed unavoidable.<\/p>\n<h2 data-selectable-paragraph=\"\">Conclusion<\/h2>\n<p style=\"text-align: justify;\" data-selectable-paragraph=\"\">According to NIST AI RMF 1.0, \u201cAI risk management efforts should consider that humans may assume that AI systems work \u2014 and work well \u2014 in all settings\u201d. This assumption not only exposes the company to even more risk but also introduces a level of uncertainty.<\/p>\n<blockquote>\n<p data-selectable-paragraph=\"\">Are you ready to complete your AI risk assessment?<\/p>\n<\/blockquote>\n<p data-selectable-paragraph=\"\">To get started on your risk assessment journey, check out\u00a0<a href=\"https:\/\/www.nist.gov\/itl\/ai-risk-management-framework\" target=\"_blank\" rel=\"noopener ugc nofollow\" class=\"external\">NIST, \u201cArtificial Intelligence Risk Management Framework<\/a>\u201d.<\/p>\n<hr \/>\n<p id=\"isPasted\"><em>Originally published at\u00a0<\/em><a href=\"https:\/\/medium.com\/@nerdnourishment\/ai-risks-and-risk-assessments-cba178f971e9\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"external\"><em>www.medium.com<\/em><\/a><em>.<\/em><\/p>\n<p><em>I love working with Internal Audit teams to help them leverage analytics and AI to make their lives easier. If that&#8217;s you,\u00a0<\/em><a href=\"https:\/\/nerdnourishment.as.me\/audit-analytics-consulting\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"external\"><em>let&#8217;s chat!<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Organizations that are developing or using AI solutions expose themselves to unique technology and human-related risks, challenges, and security\/privacy concerns. This puts an emphasis on the importance for companies to complete risk assessments, identify risk acceptance measures, and define an approach for responding to risks. However, despite perceived high volumes and complexities of risks, most [&hellip;]<\/p>\n","protected":false},"author":1246,"featured_media":2130,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[96],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AI Risks and Risk Assessments<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI Risks and Risk Assessments\" \/>\n<meta property=\"og:description\" content=\"Organizations that are developing or using AI solutions expose themselves to unique technology and human-related risks, challenges, and security\/privacy concerns. 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