Regulatory Alert : The Nist Artificial Intelligence Risk Management Framework (AI RMF 1.0)

BACKGROUND

On 26 January 2023, the United States National Institute of Standards and Technology (NIST)¹ released the AI Risk Management Framework (AI RMF 1.0).² The NIST AI RMF 1.0 provides a comprehensive framework for managing risks associated with AI technologies. It emphasises the need to balance harnessing AI's potential benefits and mitigating its inherent risks.

AI RMF 1.0 was created in response to a directive from Congress to develop a framework to manage AI risks and to promote trustworthy and responsible development of AI systems.³ AI RMF 1.0 as a framework⁴ could be a lex informatica⁵ and universally applicable digital international practices.⁶

KEY REQUIREMENTS