AI Risk Management is the process of identifying, assessing, mitigating, and monitoring risks associated with the development, deployment, and use of AI systems and models.

recruitRyte has adopted the Three Lines of Defense Model Risk Management framework as their AI Risk Management framework:
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• 1st Line: The Development Team regularly assesses model performance and updates the risk status based on current data.
• 2nd Line: The AI Trust & Safety team reviews and approves the risk status, ensuring that higher-risk models undergo additional checks using the Fairly AI Risk and Oversight platform.
• 3rd Line: Internal Audit [in conjunction with third party attestation service from Fairly AI] evaluates the accuracy and appropriateness of the risk status assigned to each model and reports any inconsistencies.

AI Compliance ensures that AI systems and their development, deployment, and usage adhere to relevant legal, regulatory, ethical, organizational standards and policies.

recruitRyte has adopted ISO/IEC 42001 and ISO/IEC 24027 standards:
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• ISO/IEC 42001 is the world’s first AI management system standard. It specifies requirements for establishing, implementing, maintaining, and continually improving an Artificial Intelligence Management System (AIMS) within organizations. It is designed for entities providing or utilizing AI-based products or services, ensuring responsible development and use of AI systems.
• ISO/IEC TR 24027: This technical report addresses bias in relation to AI systems, especially with regards to AI-aided decision-making. Measurement techniques and methods for assessing bias are described, with the aim to address and treat bias-related vulnerabilities. All AI system lifecycle phases are in scope, including but not limited to data collection, training, continual learning, design, testing, evaluation and use.