Managing AI Risk: Three Essential Frameworks to Secure Your AI Systems

Originally published by BARR Advisory.

Artificial intelligence (AI) is transforming the way businesses operate across industries, driving advancements in automation, decision-making, and customer experiences. From healthcare to finance, AI has unlocked new opportunities for efficiency and innovation. However, with this rapid evolution comes a new set of challenges. As AI becomes more integrated into business processes, organizations must address the risks posed by these emerging technologies, including bias, security vulnerabilities, and evolving compliance requirements.

In light of these challenges, three compliance frameworks have been introduced to help guide security leaders in effectively managing security and privacy risks associated with AI. In this article, we’ll break down the details of each framework and how they are designed to help organizations address AI risk and foster responsible innovation.

1. ISO 42001

Formally known as ISO/IEC 42001:2023, ISO 42001 is a cybersecurity standard published in 2023 that offers a structured approach to managing AI systems. The framework integrates seamlessly with ISO 27001 and ISO 27701 and mandates numerous controls for the establishment, operation, monitoring, maintenance, and continuous improvement of an organization’s AI management system (AIMS).

ISO 42001 was designed to serve organizations of all sizes and across all industries that participate in the use or development of AI-powered products and services. Compliance with this framework ensures that businesses have established effective processes for ensuring their use of AI is secure, ethical, and transparent.

For organizations aiming to demonstrate to internal and external stakeholders that they are effectively and responsibly managing AI for decision-making, data analysis, or continuous learning, ISO 42001 offers a smart solution.

2. HITRUST AI Risk Management Assessment

The HITRUST AI Risk Management Assessment (AI RM Assessment) was introduced in 2024 to provide a comprehensive framework for managing AI risks. The assessment is ideal for organizations seeking a holistic, scalable approach to managing AI risks while ensuring compliance with evolving industry regulations.

Key features of the HITRUST AI RM Assessment include:

• Comprehensive Coverage: The assessment consists of 51 detailed risk management controls that align with established frameworks like ISO 23894 and the NIST AI Risk Management Framework.
• Proven Platform: The framework is supported by HITRUST’s cloud-based MyCSF platform, enabling organizations to conduct thorough assessments, track progress, and manage AI risks efficiently.
• Actionable Insights: Beyond merely identifying risks, the HITRUST AI RM assessment provides also detailed scoring and insights that help organizations understand and address gaps in their AI risk management strategies.

The HITRUST AI RM assessment isn’t just for those with existing HITRUST certifications—it’s available to any organization that uses or produces AI technologies.

3. NIST AI Risk Management Framework

The National Institute of Standards and Technology (NIST) has developed a voluntary framework to help organizations across industries identify, assess, and mitigate the risks associated with AI systems. Created in collaboration with experts from both the public and private sectors, the NIST AI Risk Management Framework is flexible and adaptable, allowing organizations to seamlessly incorporate it into their existing AI management practices.

For organizations that are leveraging the power of AI to drive growth and productivity, implementing a robust risk management program is essential.