Risk Classification of AI Systems: A Review and Algorithm Proposal within the Framework of the EU AI Act

This report examines the current landscape of tools and frameworks for AI risk classification within the EU regulatory framework, with a particular focus on the AI Act. It collects and analyzes existing classification tools, identifying their strengths, limitations, and gaps. Additionally, the report outlines the key roles and responsibilities of stakeholders, highlights challenges in AI risk assessment, and introduces an algorithm for AI risk classification as a foundational component of a broader framework and service for AI risk classification in the EU, ensuring alignment with the AI Act.