The National Institute of Standards and Technology (NIST) developed the AI Risk Management Framework (AI RMF 1.0) as the primary guide for managing risks associated with artificial intelligence systems. This framework is technology-neutral and is explicitly designed to be applied to all types of AI, including Generative AI. Its core purpose is to help organizations cultivate a culture of risk management and operationalize principles of AI trustworthiness, such as validity, reliability, safety, security, and fairness. The AI RMF provides a structured, flexible process to govern, map, measure, and manage AI risks throughout the system's lifecycle, making it the standard for such assessments.

B. A general IT risk assessment is insufficient as it does not address unique AI-specific risks like algorithmic bias, model drift, or adversarial attacks.

C. Focusing solely on financial risks is too narrow; the AI RMF addresses a broader spectrum, including societal, individual, and systemic risks.

D. Outdated traditional software models are inadequate for the dynamic, probabilistic, and often non-deterministic nature of modern AI systems.

1. National Institute of Standards and Technology (NIST). (2023). Artificial Intelligence Risk Management Framework (AI RMF 1.0) (NIST AI 100-1). U.S. Department of Commerce.

Page 1

Introduction: "The AI RMF is intended for voluntary use and to improve the ability to incorporate trustworthiness considerations into the design

development

deployment

and use of AI systems." This establishes the framework's purpose for evaluating trustworthiness.

2. National Institute of Standards and Technology (NIST). (2024). AI RMF Profile for Generative AI (Draft) (NIST AI 600-1). U.S. Department of Commerce.

Page 1

Section 1

Introduction: "This Profile provides an implementation of the NIST AI Risk Management Framework (AI RMF 1.0) for the context of generative AI." This directly confirms the AI RMF is the foundational framework used for Generative AI risk assessment.

3. National Institute of Standards and Technology (NIST). (2023). A Plan for Global Engagement on Artificial Intelligence Standards. U.S. Department of Commerce.

Page 10

Section 3.1: "The AI RMF provides a voluntary

flexible

and rights-preserving framework for managing risks to individuals

organizations

and society associated with AI... It is designed for use with all types of AI applications

including generative AI." This explicitly states the framework's applicability to Generative AI.