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NIST Releases AI Risk Governance Standards
Friday, July 7, 2023

As modern companies are increasingly adopting AI systems to automate and augment their businesses, many legal and compliance departments have cautioned against fully embracing this new and untested technology. Successful companies will need to develop an approach that allows them to benefit from AI’s competitive advantage while mitigating their risk of litigation.

In response to this need, the National Institute of Standards and Technology (NIST) recently released the first version of its Artificial Intelligence Risk Management Framework (AI RMF 1.0) NIST, a unit of the U.S. Department of Commerce, is one of a handful of organizations responsible for setting standards across the technology industry. AI RMF 1.0 provides a four-prong AI governance framework, grouping AI management activities under “Govern, Map, Measure, and Manage.” American companies operating in a wide variety of AI-enabled spaces may appreciate such robust guidance from an official federal source.

Businesses seeking to adopt new and relatively untested AI systems will necessarily take on a degree risk, legal and otherwise. However, by adopting and hewing closely to official industry and government best practices, businesses may be able to maintain their competitive advantage while mitigating their legal exposure. Successful businesses will need to keep their fingers on the pulse as the standard of care for AI use continues to develop.

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