Our summary
NIST published the AI Risk Management Framework (NIST AI 100-1) in January 2023. It is voluntary and free to use in any country and sector.
It is built around four functions: Govern (policies, roles and culture), Map (understand the context and risks of each AI system), Measure (test and track risks such as bias, errors and security) and Manage (act on the risks and monitor them). NIST also publishes a Playbook and a profile for generative AI.
How auditors use it: Use the four functions as the structure of an AI governance audit, and as a benchmark when an organisation says it “manages AI risk”.