AI risk assessment using ethical dimensions

In the design, development, and use of artificial intelligence systems, it is important to ensure that they are safe and trustworthy. This requires a systematic approach to identifying, analyzing, evaluating, mitigating, and monitoring risks throughout the entire lifecycle of an AI system. While standardized risk management processes are being developed, organizations may struggle to implement AI risk management effectively and efficiently due to various implementation gaps. This paper discusses the main gaps in AI risks management and describes a tool that can be used to support organizations in AI risk assessment. The tool consists of a structured process for identifying, analyzing, and evaluating risks in the context of specific AI applications and environments. The tool accounts for the multidimensionality and context-sensitivity of AI risks. It provides a visualization and quantification of AI risks and can inform strategies to mitigate and minimize those risks.