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, offered practical guidance for assessing risk – including whom to involve, timing and identifying key risks – and addressed how to use the results to help mitigate risks.