Module 4: Implementing Responsible AI Governance and Risk Management: Principles of AI Risk Management

Question 1

How is a risk score calculated?

Answer 1

Multiply the harm severity by the harm likelihood.

Question 2

What is common tool for understanding the severity of mapped risks?

Answer 2

Impact assessments

Question 3

What is the NIST AI Risk Management Framework?

Answer 3

A guide for risk and incorporating trustworthiness considerations into AI design, development, use and evaluation.

Question 4

What are the 7 characteristics of trustworthy AI as listed by the NIST AI RMF?

Answer 4

1) Valid and reliable

2) Safe

3) Secure and resilient

4) Explainable and interpretable

5) Privacy-enhanced

6) Fair, with harmful bias managed

7) Accountable and transparent

Question 5

What are the 4 key steps organizations should take per the NIST AI RMF?

Answer 5

1) Test

2) Evaluate

3) Verify

4) Validate

Question 6

What is the NIST AI RMF Core?

Answer 6

Provides outcomes and actions enabling the management of AI risks and development of trustworthy AI. It is operationalized through four functions:

1) Govern
2) Map
3) Measure
4) Manage

Question 7

What is the NIST AI RMF Playbook do?

Answer 7

Suggests actions to accomplish outcomes for the AI RMF Core functions.

Question 8

What are the 4 levels of AI risk per the EU model?

Answer 8

1) Unacceptable (e.g. social credit scoring systems, real-time remote facial recognition in public spaces)
2) High
3) Limited
4) Minimal