Why businesses using AI should implement risk management protocols

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Why businesses using AI should implement risk management protocols

Businesses must prioritize AI risk management to stay ahead of evolving regulations. The recent EU AI Act sets a precedent that could influence U.S. standards, prompting companies to adopt proactive measures. Implementing best practices for AI risk management is essential to ensure compliance and protect user safety.

Current frameworks like NIST AI RMF and ISO/IEC 42001 guide organizations in managing AI risks. Federal and state legislation is increasingly focusing on ethical AI use, requiring transparency and accountability. Companies that act now to establish robust risk management protocols will position themselves as leaders in the AI landscape.

• EU AI Act may influence U.S. AI regulations and practices.

• NIST AI RMF and ISO/IEC 42001 are key frameworks for AI risk management.

Key AI Terms Mentioned in this Article

AI Risk Management Framework

This framework helps organizations manage AI risks throughout the lifecycle of their AI applications.

EU AI Act

The act sets standards that may prompt similar regulations in the U.S. as businesses adapt to new compliance requirements.

ISO/IEC 42001

This standard encourages companies to implement structured processes for managing AI-related risks.

Companies Mentioned in this Article

Aprio

Aprio provides guidance to organizations on navigating AI regulations and achieving compliance with various standards.

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