NIST highlights that privacy, cybersecurity, and AI risks are intertwined. Managing these risks in isolation increases the probability of policy and operational outcomes beyond an organisation’s risk appetite.

As with any technology, different players have different responsibilities and levels of awareness depending on their roles. With AI, software developers developing a new model may not know how it will be used in the field, leading to unforeseen privacy risks.

AI risk management should be integrated into broader enterprise risk management strategies to manage these risks effectively. By doing so, you can address overlapping risks like privacy concerns related to underlying data, security concerns about confidentiality and data availability, and cybersecurity risks.

Not only should this lead to better risk outcomes, but it should make risk management leaner if done right.