How to run an AI risk assessment

Run an AI risk assessment from a proportionate inventory through consequence triage, legal classification and records kept current during delivery.

Count your AI systems first, then assess them in two passes. Start with a practical triage by consequence, so the board can see which systems could genuinely harm a customer, a colleague or the firm. Then apply the legal test against regulations such as the EU AI Act, with counsel. Keep the classification as a live record, because a system rarely stays low-consequence as it scales. This is not legal advice.

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Theme
Proving it and controlling it
Read time
2 minutes
Questions answered
5 in full
Updated
Evidence basisOur approach
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Evidence basis

The basis for this approach

This is the two-pass delivery method already published in Tenhaw’s governance FAQ. Formal legal interpretation and classification belong with your legal owner. This is not legal advice.

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The demand signal

The published governance guidance separates a practical consequence triage from the legal test. Both start from an inventory, because vendor features and tools adopted outside a programme still need to be visible.

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Why it stalls

2 failure modes we keep meeting

The assessment starts with an incomplete list

A programme register can miss embedded vendor features and tools bought elsewhere. Enumerate the AI already in use before either consequence triage or legal classification.

The classification remains fixed as usage grows

A pilot’s use and consequences can change as it scales. Keep ownership, scope, review boundaries and the classification current instead of treating the original assessment as permanent.

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How we approach it

3 moves, in order

  1. 01

    Count the AI and the decisions

    Record the systems, purposes and owners proportionately, including embedded features. Identify what decisions the system supports or makes and who carries the authority.

  2. 02

    Triage consequence, then apply the legal test

    First classify the inventory by consequence so the board can see potential harm to customers, colleagues or the firm. Second, apply the EU AI Act’s categories with counsel where relevant. This is not legal advice.

  3. 03

    Keep the evidence beside the work

    Retain evaluation results, approval records, audit trails and change history as delivery outputs. Review the inventory and classification on a fixed cadence with named owners, and when scope changes.

Identify what decisions the system supports or makes and who carries the authority.
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Questions this guide answers

Who should run it?

The people who understand the workflow and consequences work with risk and compliance on the first pass. Counsel and the legal owner handle the legal test and formal interpretation. Each decision needs a named accountable owner.

What counts as high risk?

Distinguish your practical consequence triage from a legal high-risk classification. The first highlights potential harm; the second applies the relevant regulatory categories with counsel. This is not legal advice.

How often should we repeat it?

Keep the inventory and classification as live records, reviewed on a fixed rhythm with named owners and revisited as scope and use change. A pilot’s classification should not simply be carried into wider use without review.

What evidence do we keep?

Keep the inventory, ownership decisions, evaluation results, approval records, audit trails and change history connected to the system. The legal owner determines which records support the specific duties; this is not legal advice.

Can Tenhaw classify our systems legally?

Tenhaw is not a law firm and does not provide legal advice. We help design the operating model and delivery discipline that produce the records your legal and risk owners need, and work alongside those owners.