ISO/IEC 42001 is a globally recognised standard that provides guidelines for the governance and management of AI technologies. It offers a systematic approach to addressing the challenges associated with AI implementation in a recognised management system framework covering areas such as ethics, accountability, transparency and data privacy. Designed to oversee the various aspects of artificial intelligence, it provides an integrated approach to managing AI projects, from risk assessment to effective treatment of these risks.

From risk to opportunity

ISO/IEC 42001 exists to help businesses and society at large safely and efficiently derive the maximum value from their use of AI. Users can benefit in numerous ways such as improved quality, security, traceability, transparency and reliability of AI applications; enhanced efficiency and AI risk assessments; greater confidence in AI systems; reduced costs of AI development; better regulatory compliance through specific controls, audit schemes and guidance that are consistent with emerging laws and regulations.

According to ISO the bottom line is  that all of these factors contribute to the ethical and responsible use of AI for people the world over.

Robust cycle of continuous improvement

As a management system standard, ISO/IEC 42001 is built around a “Plan-Do-Check-Act” process of establishing, implementing, maintaining and continually improving artificial intelligence. This approach is important for many reasons:

• Firstly, it ensures that AI’s value for growth is recognised and the correct level of oversight is in place.

• Secondly, the management system enables the organisation to proactively adapt its approach in line with the technology’s exponential development.

• Finally, it encourages organisations to conduct AI risk assessments and define AI risk treatment activities at regular intervals.

With the rapid uptake of AI worldwide, ISO/IEC 42001 is predicted to become an integral part of an organisation’s success, following in the footsteps of other management systems standards such as ISO 9001 for quality, ISO 14001 for environment and ISO/IEC 27001 for IT security.

Unlocking the potential of AI

It’s clear that AI will continue to improve and advance over time. As it does, AI management will need to adapt to these changes, focusing on the different ways it can maintain and accelerate AI systems for the business world. We find ourselves at a crossroads where a measured approach is needed. How do we harness the full potential of AI opportunities without falling prey to the risks?

Walking the tightrope between opportunity and risk is only possible with a robust governance in place. This is why it’s important for business and industry leaders to educate themselves on ISO/IEC 42001 – an AI management system that lays the foundation for an ethical, safe and forward-thinking use of AI across its various applications. It’s a balancing act, and a clearer understanding of this balance can help us navigate the pitfalls of our collective AI journey.