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U.S. Congress Introduces Federal AI Risk Management Act 2024 Greetings everybody! U.S. Congress members have unveiled the Federal Artificial Intelligence Risk Management Act of 2024. Building upon the 2023 bill, this legislation mandates Federal Agencies to adopt the Artificial Intelligence Risk Management Framework (AI RMF) developed by the National Institute of Standards and Technology (NIST). Exceptions are made for national security systems. NIST's AI RMF, shaped through an inclusive and open process with inputs from 240 organizations, becomes a cornerstone for agencies within a year of the bill's passage. The Act also necessitates agencies to incorporate the framework into their AI risk management strategies within 180 days of NIST's guidelines. Furthermore, it empowers the Director of NIST and Administrator of Federal Procurement Policy to draft contract language mandating AI suppliers to adhere to the framework. #AIRiskManagement#AIStandards#NIST#AIFramework