Governance

AI Risk Management

Definition

A systematic process for identifying, assessing, and mitigating risks associated with AI systems throughout their lifecycle. The EU AI Act requires high-risk AI providers to implement and document a risk management system; ISO 42001 and NIST AI RMF provide complementary frameworks.

Related Terms

ISO 42001

The international standard for AI management systems, published in 2023. ISO 42001 provides organisations with a framework to establish, implement, maintain, and continually improve responsible AI governance—complementary to, but distinct from, EU AI Act legal requirements.

NIST AI RMF

The US National Institute of Standards and Technology AI Risk Management Framework—a voluntary framework organised around four core functions: Govern, Map, Measure, and Manage. Widely adopted by enterprises globally as a complement to EU AI Act compliance programmes.

High-Risk AI System

An AI system classified under the EU AI Act as posing significant risks to health, safety, or fundamental rights. High-risk systems must undergo conformity assessment, maintain technical documentation, enable human oversight, and be registered in an EU database before market deployment.

Related Services

Eu Ai Act Compliance

Ai Readiness Assessment

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