ISO has a number of standards that help mitigate the risks and maximize the rewards of AI, including ISO/IEC 22989, which establishes terminology for AI and describes concepts in the field of AI; ISO/IEC 23053, which establishes an AI and machine learning (ML) framework for describing a generic AI system using ML technology; and ISO/IEC 23894, which provides guidance on AI-related risk management for organizations. ISO/IEC 42001 on the other hand is a management system standard (MSS). Implementing this standard means putting in place policies and procedures for the sound governance of an organization in relation to AI, using the Plan‐Do‐Check‐Act methodology. Rather than looking at the details of specific AI applications, it provides a practical way of managing AI-related risks and opportunities across an organization. It therefore provides value for any business or entity.