In 2023, AI has become a pivotal business tool, posing both opportunities and risks. Understanding AI, its regulatory landscape, and integrating it into risk management frameworks are essential. This involves staying informed about global regulations, recognising AI-specific threats, and adopting a structured approach to risk management. Stress testing AI systems is crucial for assessing performance and reliability. Businesses must continually adapt, leveraging risk assessments and monitoring to safely harness AI's potential.