Risk Management and the Lifecycle of AI

Risk management and the lifecycle of AI

Risk management is an integral part of every stage of the AI lifecycle. The OECD Report provides a summary of the AI lifecycle.

An AI system incorporates many phases of traditional software development lifecycles and system development lifecycles more generally. However, the AI system lifecycle typically involves four specific phases: the design, data, and models phase is a context-dependent sequence encompassing planning and design, data collection and processing, as well as model building and interpretation. This is followed by verification and validation, deployment, and operation and monitoring.