Risks associated with artificial intelligence have grown with the use of GenAI, and companies must first understand their risk to create the best protection plan.


Copyright: csoonline.com – “Assessing and quantifying AI risk: A challenge for enterprises”


SwissCognitive_Logo_RGBArtificial intelligence can help businesses through automation or by improving existing tasks, but like any technology it comes with risks if not managed well. For those businesses that decided to build their own AI or buy software that has AI embedded in it, assessing its risks is an important step to ensuring compliance and data security.

The explosion of generative AI adoption has magnified those and new emerging risks. Generative AI adoption is the top-ranked issue for legal, compliance, and privacy leaders for the next two years, according to a Gartner survey from December.

To counter the risks, organizations can thoroughly evaluate their exposure to AI, assess the risks, and set guiderails and mitigation strategies in place to deal with the most business-critical issues. The assessment strategies differ based on the kind of AI that’s involved, which generally falls into three categories: internal AI projects, third-party AI, and AI used maliciously by attackers.

How to assess internal AI risks

Whether by using existing risk and quality management frameworks or setting up an internal framework for how AI models can be deployed, companies need to know how AI is being used internally.

Risk and quality management frameworks

One company that’s been assessing and quantifying the performance of their AI models for a while now is ABBYY, an intelligent software automation company. ABBYY has been using risk management and quality management frameworks for many years, including the ISO risk management framework. In addition, NIST has recently come out with the first iteration of its risk management framework specifically for AI. This framework is currently voluntary, but a bill was introduced in January in the US House of Representatives — a similar bill was introduced in the Senate in November — to make it mandatory for federal agencies and vendors. In addition, NIST is now in the process of establishing a US Artificial Intelligence Safety Institute.[…]

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