AI Impact Assessment

Risk Management

The process of identifying, assessing, and controlling threats to an organisation's capital and operations.

Risk Assessment

The systematic process of evaluating potential risks in an organisation's operations, projects, or investments.

Operational Risk

The risk of loss resulting from inadequate or failed internal processes, people, systems, or external events.

Third-Party Risk Management

The process of identifying and mitigating risks associated with outsourcing to third-party vendors.

Vendor Risk Assessment

Evaluating the potential risks of engaging with a vendor including security, financial, and operational concerns.

Know Your Customer

The process of verifying the identity, suitability, and risks of customers in financial transactions.

An independent assurance function that evaluates the effectiveness of an organisation's internal controls and governance.

The European Union's comprehensive legislation establishing rules for the development and use of AI systems based on risk levels.

The process of checking individuals and entities against government-issued lists of sanctioned parties.

The developing body of laws and policies governing the development, deployment, and use of artificial intelligence systems.

A structured approach to identifying, assessing, and mitigating risks associated with AI systems, as defined by standards such as NIST AI RMF and ISO/IEC 42001.

An independent assessment of an AI system's compliance with regulatory requirements, ethical standards, and organisational policies, examining data, models, outputs, and governance.

An approach to systems engineering that takes privacy into account throughout the entire engineering process.

An organisation's ability to build, assure, and review its technological integrity to ensure it can withstand all types of ICT-related disruptions and threats.