AI Risk Management and Compliance SOP

This detailed SOP provides risk managers, compliance officers, and IT professionals with a structured framework for managing AI risk and compliance within an organisation.
It includes:
– Step-by-Step Process Flow: Outlines essential subprocesses such as Risk Identification, Mitigation Planning, Compliance Monitoring, and Continuous Improvement, with clear actions, decision points, and feedback mechanisms to ensure risks are identified, mitigated, and monitored effectively.  
– Risk Management: Identifies key risks such as data biases, security vulnerabilities, and model failures, with mitigation strategies like data audits, security protocols, and comprehensive testing to minimise risks and optimise AI performance.  
– Compliance and Regulatory Requirements: Ensures adherence to relevant regulations, including GDPR and the Data Protection Act 2018, by integrating compliance checks during data processing, risk assessment, and AI model usage to safeguard legal and regulatory adherence.  
– Key Performance Indicators (KPIs) and Controls: Defines KPIs such as compliance audit success rate, stakeholder engagement score, and risk identification effectiveness, with controls like regular audits, documentation reviews, and continuous monitoring to ensure alignment with regulatory and ethical standards.  
– RACI Framework: Clearly defines roles and responsibilities for each task in the AI risk management process, ensuring that project managers, risk analysts, compliance officers, and stakeholders are accountable and engaged at every stage.  
– Systems Requirements: Details the necessary systems, including Risk Management Systems, Audit Management Tools, Data Analytics Platforms, and Compliance Documentation Repositories, to support the AI risk management process and ensure secure, efficient, and effective management.  
– Appendices: Provides practical resources such as risk identification checklists, mitigation planning templates, and case studies to guide users through each stage of the AI risk management and compliance process effectively.