Align on the Risks: Companies benefit from agreeing on and documenting their business risks associated with AI. A shared understanding improves risk management, enhances collaboration across different teams, and helps in mitigating potential risks more effectively. To agree on the risks associated with AI, executives should use a cross-functional approach that involves key stakeholders from business operations, legal, IT, and compliance functions. Companies should also establish processes for ongoing monitoring, assessment, and enhancement of AI risk management strategies to adapt to changing business processes and emerging regulations.