AI Risk Assessment vs. AI Risk Management

Difference between AI risk assessment and AI risk management:

Risk assessment is a subset of risk management. While risk management is a continuous process that involves identifying, analyzing, and responding to risk factors, risk assessment focuses on detecting hazards and analyzing all potential risks related to the AI system. Additionally, risk management focuses on everything that needs to be done after risks are identified: it is about building risk management strategies based on the risk assessment performed. Having performed a risk assessment, the final step in the risk management process is risk control or treatment. It should be an integral part of any company’s process and systems.