How to do an AI Risk Assessment beta

1. AI Tool Inventory & Data Flow...

• List all AI tools currently in use

• Document who has access to each tool

• Record what each tool is used for

• Note what data is input into each tool

• Document how outputs are used/stored

• Identify which tools handle sensitive data

• Map data flows between AI tools and other systems

2. Identify Risks, for example...

• What if customer data leaks through our AI tools?

• What if employee information gets exposed?

• What if unauthorized users access our AI systems?

• What if our AI vendors have security breaches?

• What if our AI makes critical mistakes?

• What if we can't trust the AI's decisions?

• What if our AI discriminates against certain groups?

• What if our AI makes unfair decisions?

• What if critical AI systems suddenly fail?

• What if our AI vendor disappears?

• What if we breach AI regulations or privacy laws?

• What if we fall behind industry standards?

4. Identify how to mitigate (reduce) risks...

• List current mitigations for each risk. (What existing security controls, policies, and practices help reduce the risk?)

• Check if mitigations are effective. (Are the current risk controls actually working?)

• Spot missing mitigations. (Are there risks that do not have any countermeasures in place?)

• Test how well mitigations work (for example conduct tests to verify whether the mitigation strategies are functioning as expected.)

• Assign owners to each mitigation (who is responsible for monitoring, improving, and enforcing the mitigations)

5. Develop Action Plan...

• Create action items for high risks (What specific steps will we take to address each major risk?)

• Assign owners to actions (Who is responsible for implementing each action item?)

• Set deadlines (When must each action be completed by?)

• Define success metrics (How will we know if our actions are working?)

• Estimate resource needs (What people, money, and time are needed?)

• Plan implementation steps (What's the step-by-step process to implement each action?)

6. Documentation & Monitoring...

• Create risk register (Document all risks, their ratings, and mitigations in one place)

• Set review schedule (When and how often will we check each risk?)

• Establish monitoring processes (How will we keep track of risks and controls day-to-day?)

• Define incident reporting (How will we report and handle when risks actually occur?)

• Plan regular updates (How often will we update our risk documentation?)

• Create stakeholder reports (How will we communicate risk status to management?)