ISO/IEC 42005

ISO/IEC 42005 provides a framework for two key processes within AI systems development:

• The implementation of an impact assessment process that takes into consideration an organization’s particular products, sector of industry, risk level, and long-term goals.
• The documentation of the impact assessment process to promote transparency and trustworthiness.

The impact assessment process in question would address the following in consideration with a particular AI system: data quality, algorithms and model information, deployment plans, pre-determined and potential impacts, pertinent third parties, and procedures to mitigate harm.

ISO/IEC 42005 provides guidance for how and when during the AI lifecycle to conduct impact assessments, as well as how to integrate this process with risk management strategies. Businesses can begin to align their system’s strategies with ISO 42005 by:

• Planning and conducting an AI system impact assessment. What are the potential benefits and risks of your AI system? Start by discerning the possible consequences of your technology on individuals, groups, and societies at large.
• Creating a governance framework. The AI lifecycle requires careful analysis to ensure that development and deployment of AI systems is done with rigor, trust, and transparency in mind. This framework would promote clear roles and responsibilities within your organization and with third parties such as AI developers, legal teams, and risk managers.
• Training employees on the impacts of the AI system. With proper training in regards to a system’s impact assessment, employees can navigate concerns such as accountability, transparency, bias, privacy, safety, and environmental impact with ease.
• Monitoring existing regulations. Organizations should stay up-to-date with existing national, regional, and international regulations such as the General Data Protection Regulation (GDPR) or the EU AI Act. These regulations set the standards from which ISO/IEC 42005 is derived.
• Preparing for certification. Businesses will confirm their compliance with the standard by undergoing a certification process.

Adhering to ISO/IEC 42005 is more than just a compliance responsibility. Rather, it offers organizations a chance to showcase the ethical practices that make their AI systems trustworthy and reliable. The process of certification encourages organizations to stand out through reputable, up-to-date business practices. By staying proactive about standards, organizations can mitigate future risks, ensure internal efficiency, and secure larger opportunities within a global AI-driven landscape.