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An independent assessment of an AI system or organization's AI governance practices conducted by an external party. Third-party audits are more credible than self-assessments because the auditor has no conflict of interest. They are required for certain high-risk AI systems under the EU AI Act, increasingly requested in enterprise AI contracts, and used by regulators to verify compliance. For small teams, conducting a third-party audit may be cost-prohibitive in the short term — but being auditable (maintaining the documentation an auditor would need) is achievable and builds toward audit-readiness.
Why this matters for your team
Even if you can't afford a third-party audit yet, be auditable. Maintain the documentation — inventory, risk assessments, incident logs, DPAs — that an auditor would need. Auditability is achievable long before an actual audit is required, and it's what enterprise buyers increasingly demand.