AI lifecycle risk management: ISO/IEC 42001:2023 for AI governance

This article discusses the ISO/IEC 42001:2023 standard for AI governance, which provides a comprehensive framework for managing AI risks throughout its lifecycle. The key points include:

• AI governance covers policies, controls, and practices to ensure responsible AI development
• The AI lifecycle includes seven stages from inception to retirement
• Risk management involves multiple approaches, including threat modeling techniques like STRIDE and DREAD
• AI Impact Assessments (AIIAs) are critical for high-risk AI systems
• AWS provides multiple tools to support AI governance, such as SageMaker Model Cards and Bedrock Guardrails

The standard emphasizes continuous monitoring, ethical considerations, and structured risk management across the entire AI system lifecycle, helping organizations develop trustworthy and accountable AI solutions.