AI Risk Management: From AI Inventory to a Practical Risk Register
The UK Government has published a practical starting point for AI risk management. For a business, the first question is simpler: do you know enough about the AI you already have to manage what could go wrong?
AI adoption often arrives before formal governance. Employees may use ChatGPT, Microsoft Copilot, Claude, Gemini, meeting assistants, embedded SaaS features or AI-enabled automation without a deliberate organisation-wide plan.
You cannot manage AI risk until you know what AI you have.
The AI Risk Management Toolkit, published by DSIT on 8 September 2026, is guidance rather than law. It does not itself create legal compliance, and it does not mean every SME must adopt another formal framework.
From AI discovery to AI risk management
Connect the AI estate to purpose and data, risk, ownership, controls or treatment, monitoring and evidence. Discovery tells you what AI you have; risk management helps you understand what could go wrong; governance decides who owns it and what controls are needed.
What the toolkit is for
The guidance supports people involved in the design, operation, procurement and delivery of AI-enabled products. It describes risk identification and assessment, treatment, monitoring and reporting across the AI lifecycle, with appropriate records, responsibility and multidisciplinary involvement.
AI risk is not just cybersecurity
Depending on the use case, consider security, privacy, accuracy, legal and regulatory context, fairness, transparency, operational resilience, suppliers, financial exposure and reputation. The proportionate questions depend on the data, people, permissions, autonomy and consequences involved.
A practical AI risk register
An illustrative register might record the AI system or tool, business purpose, owner, data involved, risk, likelihood, impact, existing control, required action, action owner and review date. It is not a prescribed statutory template, and existing risk, security, privacy or compliance registers may already provide a suitable home.
Where discovery fits
An AI risk register built from assumptions is not very useful. The AI Discovery & Readiness Review establishes the AI estate, cost, risk, governance gaps and opportunities before practical next steps are prioritised.
Altitude AI provides practical business and technology guidance, not legal advice, regulatory opinions or certification. ISO/IEC 42001 certification is separate, and EU AI Act applicability requires case-specific consideration.