Documentation of Risk Mitigation Strategies

🚨 AI Privacy Risks & Mitigations Large Language Models (LLMs), by Isabel Barberá, is the 107-page report about AI & Privacy you were waiting for! [Bookmark & share below]. Topics covered: - Background "This section introduces Large Language Models, how they work, and their common applications. It also discusses performance evaluation measures, helping readers understand the foundational aspects of LLM systems." - Data Flow and Associated Privacy Risks in LLM Systems "Here, we explore how privacy risks emerge across different LLM service models, emphasizing the importance of understanding data flows throughout the AI lifecycle. This section also identifies risks and mitigations and examines roles and responsibilities under the AI Act and the GDPR." - Data Protection and Privacy Risk Assessment: Risk Identification "This section outlines criteria for identifying risks and provides examples of privacy risks specific to LLM systems. Developers and users can use this section as a starting point for identifying risks in their own systems." - Data Protection and Privacy Risk Assessment: Risk Estimation & Evaluation "Guidance on how to analyse, classify and assess privacy risks is provided here, with criteria for evaluating both the probability and severity of risks. This section explains how to derive a final risk evaluation to prioritize mitigation efforts effectively." - Data Protection and Privacy Risk Control "This section details risk treatment strategies, offering practical mitigation measures for common privacy risks in LLM systems. It also discusses residual risk acceptance and the iterative nature of risk management in AI systems." - Residual Risk Evaluation "Evaluating residual risks after mitigation is essential to ensure risks fall within acceptable thresholds and do not require further action. This section outlines how residual risks are evaluated to determine whether additional mitigation is needed or if the model or LLM system is ready for deployment." - Review & Monitor "This section covers the importance of reviewing risk management activities and maintaining a risk register. It also highlights the importance of continuous monitoring to detect emerging risks, assess real-world impact, and refine mitigation strategies." - Examples of LLM Systems’ Risk Assessments "Three detailed use cases are provided to demonstrate the application of the risk management framework in real-world scenarios. These examples illustrate how risks can be identified, assessed, and mitigated across various contexts." - Reference to Tools, Methodologies, Benchmarks, and Guidance "The final section compiles tools, evaluation metrics, benchmarks, methodologies, and standards to support developers and users in managing risks and evaluating the performance of LLM systems." 👉 Download it below. 👉 NEVER MISS my AI governance updates: join my newsletter's 58,500+ subscribers (below). #AI #AIGovernance #Privacy #DataProtection #AIRegulation #EDPB

Isabel Barberá: "This document provides practical guidance and tools for developers and users of Large Language Model (LLM) based systems to manage privacy risks associated with these technologies. The risk management methodology outlined in this document is designed to help developers and users systematically identify, assess, and mitigate privacy and data protection risks, supporting the responsible development and deployment of LLM systems. This guidance also supports the requirements of the GDPR Article 25 Data protection by design and by default and Article 32 Security of processing by offering technical and organizational measures to help ensure an appropriate level of security and data protection. However, the guidance is not intended to replace a Data Protection Impact Assessment (DPIA) as required under Article 35 of the GDPR. Instead, it complements the DPIA process by addressing privacy risks specific to LLM systems, thereby enhancing the robustness of such assessments. Guidance for Readers > For Developers: Use this guidance to integrate privacy risk management into the development lifecycle and deployment of your LLM based systems, from understanding data flows to how to implement risk identification and mitigation measures. > For Users: Refer to this document to evaluate the privacy risks associated with LLM systems you plan to deploy and use, helping you adopt responsible practices and protect individuals’ privacy. " >For Decision-makers: The structured methodology and use case examples will help you assess the compliance of LLM systems and make informed risk-based decision" European Data Protection Board

A Risk Register: Your Most Powerful Risk Management Tool Every organization faces uncertainty. The question is — how well are you tracking it? A Risk Register is not just a spreadsheet. It’s a living document that enables teams to systematically identify, evaluate, and manage risk in real-time. Whether you’re leading a project or running an entire enterprise, maintaining a dynamic risk register is a critical success factor. Here’s how to build and maintain a risk register effectively: 1. Identify Risks Start by gathering input from past projects, lessons learned, and expert checklists. This creates a solid foundation for your risk list. 2. Describe Risks Each risk should have a clear, concise, and specific description. Categorize it (e.g., financial, operational, compliance) to understand context and relevance. 3. Assess Risks Evaluate the likelihood of occurrence and impact on the organization. Multiply these to get the risk score, which helps in prioritization. 4. Assign Risk Owners Every risk needs a clearly accountable owner — someone with the authority and resources to manage the risk actively. 5. Mitigation Strategies Define actions to reduce risk likelihood or impact. These should be practical, time-bound, and regularly reviewed. 6. Contingency Actions If a risk does occur, what’s the backup plan? Contingency plans ensure the organization responds swiftly and with confidence. 7. Monitor & Update Risks evolve. So should your register. Regularly track status (open, in progress, closed), update actions, and reassess risk scores. ⸻ Pro Tip: A great risk register includes: • Risk ID • Category, Likelihood, Impact, Score • Owner, Mitigation, Contingency Plans • Dates (identified & last updated) • Status Bottom line: A well-maintained risk register turns uncertainty into manageable insight. It aligns teams, informs strategy, and protects value. #RiskManagement #RiskRegister #EnterpriseRisk #ProjectManagement #Governance #InternalControls #ERM #Compliance #OperationalRisk #Leadership #Strategy #Mitigation #RiskAwareness #ContingencyPlanning

Is Tracking Your Risks a Challenge? Learn how to develop and manage a risk register to take control of uncertainty. A risk register can help identify, assess, and manage risks. You can design it to manage organizational risks or for a specific project. It is a document or system that captures all identified risks, their status, and their management strategies. Developing and maintaining a risk register is an ongoing process that requires attention and updates. It helps organizations and project teams proactively manage risks and minimize their potential impact. During my corporate career, we diligently maintained a risk register. The risk we mitigated was worth the time and effort: 1- Consolidated all identified risks, their assessments, and mitigation 2- Provided a clear understanding of potential risks 3- Accountability for managing each risk 4- Helped identify risks early and minimize impact. 5- Regular updates ensured it remained relevant Here's how you can develop a risk register and manage risk: ✅ Components of a Risk Register • Risk ID • Risk Description • Risk Category • Likelihood • Impact • Risk Score • Risk Owner • Mitigation Strategies • Contingency Plans • Status • Date Identified • Last Updated ✅ 7 Steps to Developing it: - Identify Risks - Describe Risks - Assess Risks - Assign Risk Owners - Mitigation Strategies - Contingency Actions - Monitor and Update 📌 Tip: Create a risk register that is easy to maintain. How do you ensure your organization stays ahead of risks—do you rely on a risk register or other methods? #MAKAlpha ----------------------------- - Follow Abdul Khaliq + 🔔 - Sharing 20+ years of journey. - Providing Fractional CFO/Controller services to SMEs. - Download my work by visiting my profile.