Worried about How AI Will Affect Your Business?

Eric Seward June 9, 2023

The rapid advancement of AI is on everyone’s minds. And it’s starting to make waves as it disrupts traditional business practices.

The global adoption rate is growing steadily, driven by advancements in AI that have made it more accessible. Nearly 80% of businesses are using or exploring AI, with one in four companies adopting AI because of labor or skill shortages, according to IBM’s Global AI Adoption Index.

While companies are increasingly faced with strategizing over how to leverage AI effectively, their security leaders are tasked with ensuring their AI is responsible and trustworthy. Eighty-five percent of IT professionals agree that consumers are more likely to choose a company that is transparent about how its AI models are built, managed, and used, according to IBM.

Meanwhile, IBM reports that one in five IT professionals are citing difficulties ensuring data governance.

That’s where NIST AI RMF 1.0 can help.

What is NIST AI RMF?
AI’s breakneck progression is only matched by its unchecked regulations. But in January, the National Institute of Science and Technology (NIST) developed a comprehensive risk-management framework called AI RMF 1.0 to help businesses harness the power of AI while helping to keep their businesses safe.

NIST AI RMF provides organizations with a methodical and repeatable framework for assessing and managing various types of risks associated with both the use and development of AI as well as the trustworthiness of such systems, said 360 Advanced’s Associate Practice Director David Brosi.

“Whether we like it or not, AI is going to play a significant role in the way we do business as well as the way we live our lives in the very near future,” Brosi said. “Knowing its limitations and strengths and weaknesses are going to be vital in understanding the best way to apply and manage the risks associated with using this type of technology.”

NIST AI RMF is designed to manage the risks associated with AI technology using a multistep approach.

“This structure allows for organizations to perform specific actions that are tailored to their individual circumstances and achieve a greater understanding of how AI is impacting their risk profile and what steps they take to effectively manage it,” he said.

It’s So New—Can It Be Trusted?
NIST AI RMF is the culmination of more than three years of work, said Brad Lyons, Senior Practice Director at 360 Advanced.

“NIST is oftentimes considered the gold standard,” Lyons said. “It is generally robust, descriptive—with flexibility—and well thought out.”

The NIST AI RMF 1.0 framework can be used to create processes and controls for an organization, Lyons added, which then allows them to complete an assessment against this framework to determine how mature their program is and where there are areas for improvement.

How does 360 Advanced help?
360 Advanced has a team of compliance professionals who specialize in helping organizations and businesses implement NIST security standards. We help you become and market leader by becoming third-party assessed.

“We can help you build your AI security framework correctly out of the gate to avoid costly retrofitting later,” Lyons said.

Contact us to discuss how we can help you get started with your AI RMF 1.0 assessment.

Be sure to visit our website to learn more.