What is AI risk management?

This lecture focuses on AI-specific risk management, highlighting the importance of aligning AI strategies with organizational goals and compliance frameworks. It explains the AI risk management lifecycle, from identifying risks to implementing mitigation measures and integrating AI risk assessments into broader governance structures. The lecture also explores the context-specific nature of AI risk, including social impacts, jurisdictional considerations, and non-AI alternatives. Risk responses are categorized as high (avoid or modify), moderate (mitigate), or low (accept or mitigate).