From the course: Leveraging AI for Small and Medium Business Growth
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Risk management for AI projects
From the course: Leveraging AI for Small and Medium Business Growth
Risk management for AI projects
- [Instructor] Whenever you use the AI canvas to describe every use case in your firm, you have already identified the risk associated with this AI use case. I will consider this the first-level risk assessment. Since most companies, even small firms, use more than one AI system, collecting and analyzing all AI canvases as an AI portfolio is essential. The second level of risk management is focused on the whole portfolio. That is everything the firm does related to AI systems. AI projects inherently carry risks across various domains, technical, financial, reputational, and ethical. Your firm must proactively assess and mitigate these risks. Technical risks include potential system malfunctions and cybersecurity vulnerabilities. Financial risks include development and deployment costs alongside potential losses from system failure. Reputational risks arise from potential biases or unfairness embedded within AI systems, potentially damaging the company's image. Ethical risks involved…
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