Essential guidance on AI-related risk management

As the uses of artificial intelligence (AI) continue to expand, there is a growing need for effective risk management to deal with issues ranging from technical, such as algorithm failures, to ethical, including bias in decision-making. A new ISO/IEC Standard provides essential guidance on risk management for organizations of all sizes and types that utilize AI in their systems or processes. ISO/IEC 23894 shows users how to manage AI-related risks effectively in order to achieve objectives and improve performance. "While AI systems are similar to traditional IT systems in many ways, they also present new aspects such as their ability to learn," says Wael William Diab, who chairs the joint IEC and ISO committee that develops AI standards. "SC 42 took the novel approach of developing a framework that employs well-established techniques around risk management. ISO/IEC 23894 provides a holistic and proactive approach to managing AI-related risks with the goal of enabling users to manage the risks effectively to harness the full potential of AI."