What is BS ISO/IEC 23894 – Artificial intelligence risk management about?
Artificial intelligence brings exciting possibilities, but also some misgivings about the potential impacts. BS ISO/IEC 23894:2023 has been developed by international experts as a tool to help organizations manage the risks associated with AI.
Who is BS ISO/IEC 23894 – Artificial intelligence risk management for?
- AI consultants
- specialists in risk analysis related/unrelated to AI
- AI policy staff
- senior staff looking to input/adapt AI into their business
- AI researchers
- AI standards developers
- tech C-suite (CTO, CISO, CKO, CEO)
- prompt engineers
- NLP engineers
- machine learning engineers
- software engineers
- data scientists
- AI research scientists
- business intelligence developers
- big data engineers
- robotics scientists
- AI data analysts
- product managers
- data risk managers
- risk managers
What does BS ISO/IEC 23894 – Artificial intelligence risk management cover?
It provides guidance on how organizations that develop, produce, deploy or use products, systems and services that use AI can manage risk specifically related to AI.
BS ISO/IEC 23894 aims to assist organizations to integrate risk management into their AI-related activities and functions. It also describes processes for the implementation and integration of AI risk management.
NOTE: This guidance can be customized to any organization and its context.
Why should you use BS ISO/IEC 23894 – Artificial intelligence risk management?
- It’s reliable. BS ISO/IEC 23894:2023 provides AI-specific guidance for organizations that is based on the proven and well understood principles and guidelines in BS ISO 31000:2018.
- It’s thorough. BS ISO/IEC 23894:2023 deploys a risk management process that ensures “by design”, that throughout the lifecycle of an AI product or service, stakeholders and their values and vulnerable assets are identified; potential threats and pitfalls are understood; associated risks with their consequences (or impacts) are assessed; and responsible risk treatment decisions based on the organization’s objectives and risk tolerance are made.
- It can help with market acceptance. A lack of trust has characterized the recent conversation about AI systems. By offering a structured, repeatable, and reputable risk management process for AI systems BS ISO/IEC 23894:2023 tackles the issues, building more confidence in and market acceptance of AI, and assisting with new market entry.
- It can help keep your business on track. Effective AI risk management not only gives supply chain partners and customers confidence, it can also help you avoid pitfalls and reduce the likelihood of incidents that could otherwise disrupt operations and potentially incur financial losses, reputational damage and legal liabilities.
- It supports accelerated innovation. Effective AI risk management can form a firm foundation on which businesses can develop new opportunities for products and services as well as improve the efficiency and effectiveness of existing offerings.
- It can help you satisfy AI regulation. Compliance in areas like data privacy and intellectual property rights is likely to be more easily achieved using BS ISO/IEC 23894:2023, plus it can help with future anticipated AI regulation.
- It can help you demonstrate responsible behaviour. BS ISO/IEC 23894:2023 emphasizes transparency, verifiability, explain-ability, controllability and accountability. Businesses can show stakeholders, including developers, users, regulators and affected communities, how risks are being treated, reassuring them that AI is being used responsibly. This can help build public trust in AI systems as well as help businesses build and sustain a reputation for high ethical standards.
BS ISO/IEC 23894:2023 contributes to UN Sustainable Development Goal 8 on decent work and economic growth, Goal 9 on industry, innovation and infrastructure, Goal 10 on reduced inequalities and Goal 16 on peace, justice and strong institutions.