This is an exploratory blueprint for an Environmental & Social Impact Assessment of AI development projects set forth as process model illustrated by a visual end-to-end SIPOC process map based on the Equator Principles (EP) framework cf. https://equator-principles.com/ used by financial institutions for project financing.
Applying the Equator Principles to AI development projects will consider potential risks and impacts of AI technologies on the environment and society to ensure that AI project developments and deployments align with ethical and sustainable practices.
- Screening and Categorization: Develop criteria to screen and categorize AI projects based on their environmental and social risks and potential impacts. This process involves evaluating the sources of training data, the algorithms used, and the potential consequences of the AI system's deployment.
- Environmental and Social Assessment: Conduct environmental and social impact assessments for the categorized AI projects. This involves analyzing potential risks, identifying mitigation measures, and assessing compliance with relevant ethical guidelines and regulations.
- Applicable Standards & Equator Principles Implementation: Determine relevant standards and guidelines (including the Equator Principles) to be followed in the development and deployment of AI systems. Ensure that the AI projects adhere to the identified standards and implement the necessary measures to manage risks.
- Action Plan and Implementation: Develop an action plan for implementing the necessary measures to manage environmental and social risks identified during the assessment. Ensure that the AI projects are executed in line with the established plans, policies, and risk mitigation strategies.
- Independent Review and Reporting: Conduct an independent review of the AI projects to assess their compliance with the Equator Principles and other relevant standards. Prepare review reports and provide recommendations for further improvements if necessary.