Artificial intelligence (AI) has and will continue to transform business strategies, solutions, and operations. AI-related risks need to be top of mind and a key priority for organizations to adopt and scale AI applications and to fully realize the potential of AI. Applying enterprise risk management (ERM) principles to AI initiatives can help organizations provide integrated governance of AI, manage risks, and drive performance to maximize achievement of strategic goals.
The COSO ERM Framework, with its five components and twenty principles, provides an overarching and comprehensive framework, can align risk management with AI strategy and performance to help realize AI’s potential.
