Streamlining AI Risk Management with NIST and IRM

The rapid advancement of artificial intelligence (AI) technology has brought about significant benefits and transformative potential across industries. However, with these advancements come inherent risks that must be managed effectively to ensure AI systems are trustworthy, safe, and aligned with ethical standards. The National Institute of Standards and Technology (NIST) has developed the AI Risk Management Framework (AI RMF) to address these challenges. This framework, particularly its recent expansion to include the Generative AI Profile, offers a comprehensive approach to managing AI risks. When integrated with an Integrated Risk Management (IRM) strategy, organizations can achieve a robust risk management posture.