In this episode of Notes to my (Legal) Self, join experts Humira Noorestani and Kassi Burns as they navigate the complex world of AI governance and risk management. As AI becomes an integral part of our daily lives, understanding its implications is crucial, especially for in-house legal teams. This session unpacks the National Institute of Standards and Technology's (NIST) AI Risk Management Framework (AI RMF), a key tool in shaping ethical AI practices and setting industry standards.

Unlike the stringent legal requirements of the EU AI Act, the NIST AI RMF offers a voluntary, adaptable approach, emphasizing trust, innovation, and effective risk mitigation. You'll learn how to use this framework to manage AI risks effectively within your organization.

Humira and Kassi delve into what an AI audit entails, discussing the triggers for conducting one, such as security breaches, regulatory requirements, and periodic reviews. They also explore the significance of New York City's Local Law 144, which mandates independent AI audits for automated employment decision tools, ensuring fairness and transparency in hiring processes.

The conversation then shifts to the NIST AI RMF, highlighting its four core elements: governance, mapping, measurement, and management. These elements serve as a roadmap for organizations to understand and mitigate AI risks. They stress the importance of starting with AI mapping to identify and categorize AI systems, which is the first step in conducting comprehensive audits.

For in-house legal teams, understanding and implementing these frameworks is vital. The speakers emphasize the need for a multidisciplinary approach, involving various stakeholders to ensure transparency and accountability. They also share practical tips on maintaining detailed documentation and engaging in continuous learning to stay ahead in this rapidly evolving field.

By the end of this episode, you will:

• Understand the structure and significance of the NIST AI RMF in managing AI risks.
• Learn actionable strategies for conducting AI audits and developing robust AI governance policies.
• Explore the future of AI governance and its impact on legal practices, gaining insights into how to stay informed and adaptable.

Whether you're a legal professional, tech enthusiast, or simply curious about AI governance, this episode provides valuable insights and practical advice. Don't miss this opportunity to learn from leading experts and prepare your organization for the future of AI.