On January 26, 2023, the National Institute of Standards and Technology (“NIST”) released the Artificial Intelligence Risk Management Framework (“AI RMF 1.0”), which provides a set of guidelines for organizations that design, develop, deploy or use AI to manage its many risks and promote trustworthy and responsible use and development of AI systems.

The AI RMF 1.0 provides guidance as to how organizations may evaluate AI risks (e.g., intellectual property, bias, privacy and cybersecurity) and trustworthiness. The AI RMF 1.0 outlines the characteristics of trustworthy AI systems, which are valid, reliable, safe, secure, resilient, accountable, transparent, explainable, interpretable, privacy enhanced and fair with their harmful biases managed. It also describes four high-level functions, with associated actions and outcomes to help organizations better understand and manage AI:

• The Govern function addresses evaluation of AI technologies’ policies, processes and procedures, including their compliance with legal and regulatory requirements and transparent and trustworthy implementation.
• The Map function provides context for organizations to frame risks relating to AI systems, including AI system impacts and interdependencies.
• The Measure function uses quantitative, qualitative or mixed-method tools, techniques and methodologies to analyze, benchmark and monitor AI risk and related impacts, including tracking metrics to determine trustworthy characteristics, social impact and human-AI configurations.
• The Manage function entails allocating risk resources to mapped and measured risks consistent with the Govern function. The Manage function includes determining how to treat risks and develop plans to respond to, recover from and communicate about incidents and events.

NIST released a draft AI Risk Management Framework Playbook to accompany the AI RMF 1.0. NIST plans to release an updated version of the Playbook in the Spring of 2023 and launch a new Trustworthy and Responsible AI Resource Center to help organizations put AI RMF 1.0 into practice. NIST has also provided a Roadmap of its priorities to advance the AI RMF.