As enterprises scale-up their AI implementations, they are searching for a coherent Responsible AI framework to help govern these implementations. In addition, regulatory oversight has been fragmented and at times at odds with each other. However, it is imperative that enterprises effectively manage AI risk to realize value from this promising technology while building Trust with their customers, employees, investors and other stakeholders. This presentation goes through a proven 5-tiered structure for building an effective AI Risk Management Framework.