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The process of identifying, evaluating, and prioritizing risks associated with an AI system or use case. A structured AI risk assessment asks: what could go wrong with this AI system? How likely is each failure mode? How severe would the harm be? What controls are in place to mitigate the risk? Risk assessments are required by the EU AI Act for high-risk AI systems, by the Colorado AI Act for consequential decisions, and recommended by NIST AI RMF for any AI deployment. For small teams, a one-page risk assessment for each high-stakes AI use case is a practical standard.
Why this matters for your team
A one-page risk assessment for each high-stakes AI use case is the single most actionable AI governance investment a small team can make. Document what could go wrong, how likely, how severe, and what control is in place. This document is both your compliance evidence and your operational safety check.