NIST releases AI Risk Management Framework 1.0 for enterprise AI governance

The National Institute of Standards and Technology (NIST) releases AI Risk Management Framework version 1.0, a voluntary but broadly influential framework for organizations developing or using AI systems. The framework establishes four core functions — Govern, Map, Measure, and Manage — and provides guidance for evaluating bias, safety, privacy, and explainability. Federal agencies are directed to use the framework under Biden's October 2023 executive order. Major corporations, including major banks and healthcare companies, adopt the framework for internal AI governance. NIST Director Laurie Locascio calls it "the foundation for responsible AI in the United States."