AIRO: An Ontology for Representing AI Risks Based on the Proposed EU AI Act and ISO Risk Management Standards

The growing number of incidents caused by (mis)using Artificial Intelligence (AI) is a matter concern for governments, organisations, and the public. To control harmful impacts AI, multiple efforts are being taken all around world from guidelines promoting trustworthy development use, to standards managing risks regulatory frameworks. Amongst these efforts, first-ever AI regulation proposed European Commission, known as Act, prominent it takes risk-oriented approach towards regulating use within systems. In this paper, we present Risk Ontology (AIRO) expressing information associated with high-risk systems based on requirements Act ISO 31000 series standards. AIRO assists stakeholders in determining ‘high-risk’ systems, maintaining documenting risk information, performing impact assessments, achieving conformity regulations. show its usefulness, model existing real-world use-cases AIAAIC repository AI-related risks, determine whether they high-risk, produce documentation EU’s Act.