Navigating the Future: A Unified Approach to AI Impact and Risk Assessments

There’s no hard and fast rule on how often AI assessments should be conducted. Most regulations will contain some guidance related to appropriate time frames. However, in the absence of such provisions, ensuring the frequency of such assessments aligns with how often the AI system undergoes modifications or adjustments is considered a good practice. Hence, it is up to each organization separately to determine the appropriate frequency when the regulations do not provide objective time frames.

Organizations are expected to perform both AI risk and impact assessments to gain a comprehensive and holistic understanding of the potential risks their AI systems pose. These assessments usually focus on identifying and mitigating the risks and potential harm posed by these systems while also taking into account their broader consequences, including social, ethical, and human rights implications.

Yes, certain AI systems will require stricter assessments. Most data privacy and AI regulations will detail how such systems are to be assessed and under what criteria. Such systems must undergo a stricter form of assessment owing to their potential impact on critical infrastructure, users’ sensitive data, or fundamental rights. Thorough assessments in such cases ensure all potential risks are thoroughly evaluated and eliminated before such AI systems can be deployed.