Question
The different types of risks that can be encountered in AI strategy include reputational, financial, operational, competitive, and governance risks. Reputational risks involve damage to the company's reputation due to AI failures or misuse. Financial risks are related to the costs of implementing and maintaining AI systems. Operational risks involve the potential for AI systems to fail or not perform as expected. Competitive risks are associated with competitors potentially gaining an advantage through more effective use of AI. Governance risks involve the challenges of managing and overseeing AI use within a company.
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As risk management is such a critical part of AI deployment, your strategic plan needs to have the foresight to prevent and mitigate those risks. This risk analysis maps each AI strategy risk based on probability and impact. Document each risk's severity category, its risk type (which can be reputational, financial, operational, competitive, and governance), and its priority level.
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