Artificial Intelligence (AI) has become an integral part of many organizations, but it also poses various risks that need to be mitigated. Here are some ways to mitigate AI risks:
1. **Identify and manage AI risks**: Organizations need to identify and manage the various types of risks associated with AI work. These risks include financial risk, technical risk, ethical risk, and reputational risk. The most obvious mitigation approach is to have alignment between the AI leadership and executive team on the strategy and what risks are associated with it.
2. **Engage the entire organization**: Leaders need to engage the entire organization so that it is ready to embrace the power and the responsibility associated with AI. The level of effort required to identify and control for all key risks dramatically exceeds prevailing norms in most organizations.
3. **Develop AI frameworks**: Organizations can follow AI frameworks designed by governmental agencies, such as the Intelligence Community’s AI Ethics Framework and the European Commission’s High-Level Expert Group on Artificial Intelligence’s Ethics Guidelines for Trustworthy AI, to reduce risk in AI.
4. **Document AI performance**: Companies should routinely and regularly document an AI’s performance, including any corrective actions taken to ensure it produced desired results.
5. **Keep AI safe**: Organizations should keep AI safe from various dangers, such as physical harm and cyber threats, similar to what is done for employees.
6. **Support efforts to mitigate risks**: Business leaders must support efforts by governments and academic institutions to mitigate AI risks, carefully screen and oversee providers, and invest in the development of AI talent.
In conclusion, AI risks can be mitigated by identifying and managing risks, engaging the entire organization, developing AI frameworks, documenting AI performance, keeping AI safe, and supporting efforts to mitigate risks. By following these steps, organizations can ensure that their AI initiatives are successful and safe.