From the course: AI Procurement: How to Evaluate and Adopt AI Vendors and Solutions
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Assessing and prioritizing risks
From the course: AI Procurement: How to Evaluate and Adopt AI Vendors and Solutions
Assessing and prioritizing risks
Now that we know some of the most important AI risks, the next step in our due diligence is to map them on a risk metrics so that we can rank them. Risk mapping and prioritization can be a two-step process. First, get the information from the vendor. Buyers can first ask the vendors existing assessment and mitigation documents. This will help us understand how much resources and importance the vendor itself allocates for these issues. The risks they foresee and the safeguards they build will tell you the robustness and the seriousness of their approach. Second, the organization must conduct its own risk mapping. What do the risks mean in the context of the use case and within your organization? For ease of reference, you can map the risks on a three-by-three or a five-by-five metrics, low to high probability of happening in one axis and down low to high impact in another. With your metrics complete, we can focus on the most important risks. In other words, those risks with the highest…
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