What is a purpose of risk evaluation in an AI Governance Framework?

The primary purpose of risk evaluation in an AI Governance Framework is to understand and manage risks effectively. This process involves identifying potential risks associated with AI systems, assessing their likelihood and potential impact, and determining appropriate strategies to mitigate those risks.

By focusing on understanding the risks, organizations can make informed decisions regarding the deployment and use of AI technologies. This proactive approach enables stakeholders to prioritize risk management efforts, ensuring that they address the most significant threats to ethical use, compliance with regulations, and the overall safety and reliability of AI systems.

In contrast to options that suggest eliminating risks entirely, ignoring them, or prioritizing profit over safety, effective risk evaluation emphasizes a balanced approach. It acknowledges that while some risks may be inherent in technology and cannot be entirely eliminated, understanding and managing them reduces potential negative impacts on individuals and society.