AI and Machine Learning are already having a considerable impact on business operations and society as a whole. The ability to analyse and interpret vast data sources in seconds, autonomous vehicles, and remote diagnostics of human health represents some notable advances.
While aiming to achieve positive societal impact, the technology’s inappropriate use, lack of controls, and absence of regulatory frameworks pose risks that necessitate governance.
To address these discrepancies, the ISO/IEC 42001 Information Technology—Artificial Intelligence—Management System Standard has been created to outline the requirements for setting up, implementing, maintaining, and continually improving an Artificial Intelligence Management System (AIMS) within organizations. This standard is intended for organizations that offer or use AI-based products or services, aiming to ensure the responsible development and use of AI.
It is the first global standard for AI management systems, providing valuable guidance for this rapidly changing field of technology. The standard addresses ethical considerations, transparency, and continuous learning. It offers organizations of all sizes a common language and standardized approach for developing, implementing, and managing AI systems in accordance with their goals and objectives. It also ensures that an organization effectively balances AI governance with innovation.