Touted as a transformative tool for boosting productivity, elevating efficiency and crunching lots of data really fast, AI is impacting seemingly every industry. Along with AI’s tremendous potential, however, comes risk. An AI risk assessment can help identify potential issues like bias, security vulnerabilities and privacy concerns, and inform mitigation strategies. This article, with insights from Covington & Burling and PwC, offers practical guidance on the AI risk assessment process, including who to involve, timing and identifying key risks, and addresses how to use the results to help mitigate risks. See “Navigating NIST’s AI Risk Management Framework” (Nov. 15, 2023).