A systematic process for identifying, analysing, and evaluating potential risks associated with AI systems. Risk assessment considers technical, operational, legal, ethical, and reputational risks across the AI lifecycle.

AI risk assessment is a crucial component of responsible AI deployment, enabling organisations to anticipate and mitigate potential harms before they occur. Comprehensive assessments examine risks from multiple perspectives, including system performance, security vulnerabilities, data privacy, bias and fairness concerns, and regulatory compliance. Assessments typically evaluate both the likelihood and potential impact of various risk scenarios, prioritising those requiring mitigation measures.

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A healthcare organisation performing a risk assessment for an AI diagnostic system by evaluating scenarios like misdiagnosis for underrepresented patient groups, unauthorised access to sensitive patient data, or system downtime during critical care situations.