AI management systems: What businesses need to know

Artificial intelligence is the cornerstone of our everyday lives, from the development of self-driving cars to the growth of generative AI tools like ChatGPT and Google Bard.

For instance, AI-powered virtual assistants respond to voice commands and perform tasks based on user input. These are just one example of how AI technologies are integrated into everyday devices to make them more intuitive and capable of interacting with humans naturally and helpfully.

But it goes way beyond that. AI’s applications are already revolutionising how businesses operate. Advancements in machine learning and deep learning, in particular, are creating a paradigm shift in virtually every industry sector. Spanning areas as diverse as healthcare, finance and information technology, AI has pioneered innovations and optimizations in numerous fields. And at the heart of it all, you will find AI management systems.

With the risks and complexity of AI, it’s important to have robust governance mechanisms. AI management systems play a crucial role in developing and deploying AI technologies.

Here, we will take a closer look at the importance of such systems in providing effective AI risk assessments and treatments.

About AI management systems

So how does AI work? An AI system works based on input, including predefined rules and data, which can be provided by humans or machines, to perform specific tasks. In other words, the machine receives input from the environment, and then computes and infers an output by processing the input through one or more models and underlying algorithms.

As the capabilities of AI grow exponentially, there are deep concerns about privacy, bias, inequality, safety and security. Looking at how AI risk impacts users is crucial to ensuring the responsible and sustainable deployment of these technologies. More than ever, businesses today need a framework to guide them on their AI journey. ISO/IEC 42001, the world’s first AI management system standard, meets that need.

ISO/IEC 42001 is a globally recognized 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 recognized 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:

• 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

All of these contribute to the ethical and responsible use of AI for people worldwide.  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 the environment and ISO/IEC 27001 for IT security.