Artificial Intelligence Risk Management Framework (NIST)
Source: NIST (National Institute of Standards and Technology, 2023)
This framework is the most credible and widely referenced guide for managing AI risk. For New Zealand organisations, it fills an important gap, providing a structured and internationally recognised approach in a country that does not yet have its own AI governance standard. It reinforces what we see locally: businesses want to adopt AI, but they need clarity, boundaries and confidence to do so safely.
The core takeaway for NZ leaders is that responsible AI does not have to be heavy or bureaucratic. Effective governance is simple, scalable and practical. It provides clarity for staff, reduces risk exposure and enables safe innovation.
Binary Refinery Summary
The AI RMF provides a complete lifecycle approach to identifying, assessing and managing AI risks. It outlines trustworthiness principles, governance expectations and practical methods to manage risk across design, development, deployment and ongoing use.
Key Findings & Highlights
AI risks occur at every stage of the lifecycle, not just deployment.
Trustworthy AI requires reliability, transparency, safety, security and fairness.
Governance must be actionable and embedded into real processes.
Human oversight remains essential.
Context matters: different use cases carry different levels of risk.
Report Strengths
Clear, structured and practical.
Suitable for both technical and non-technical audiences.
A strong foundation for AI policy, training and governance work.
Report Limitations
Written for a US context and can feel overly formal.
Assumes teams and resources that many NZ SMBs do not have.
May appear complex if not adapted or scaled down.
Why Read It
Build confidence with a recognised governance framework.
Create safe, responsible and transparent AI practices.
Support policy writing, board reporting and organisation-wide training.
Best For
Risk & Compliance • IT Leaders • Governance Teams • Councils • Education • Professional Services
