AI Risk Management is critical for ensuring AI technologies are developed and utilized responsibly. This process focuses on identifying, assessing, and mitigating risks throughout the AI lifecycle, ensuring alignment with international standards and frameworks. By incorporating best practices and guidelines from recognized international bodies such as ISO/IEC 22989, ISO/IEC 23894, and the United States National Institute for Standards in Technology (NIST), organizations can effectively manage AI-related risks, promoting safer and more ethical AI solutions. NIST defines AI risk management in the context of the AI Risk Management Framework (RMF) as: “coordinated activities to direct and control an organization with regard to risk”. AI Risk Management not only supports AI Governance initiatives but also enhances trust and reliability in AI applications.