NIST Issues Artificial Intelligence Risk Management Framework (AI RMF 1.0)

Summary

On January 26, 2023, the National Institute of Standards and Technology (NIST) issued the Risk Management Framework for the use of artificial intelligence, or AI, in a trustworthy manner. The Risk Management Framework provides guidance to users of AI. Although compliance is voluntary, we expect that the Risk Management Framework will help existing or future users think through and manage the risks associated with the use of AI. The Risk Management Framework sets forth principles for managing risks related to validity and reliability, safety, security and resiliency, explainability, and interpretability, privacy, and fairness and bias. We encourage companies using or considering using AI to review the Risk Management Framework carefully. Further, companies considering AI-related transactions should consider embodying at least some of the concepts in the Risk Management Framework. Below, we discuss each of the principles for managing risks set forth in the Risk Management Framework, and ...