But AI safety standards are still at an early stage. Work by standard development 
organisations such as IEEE, ISO/IEC and CEN/ CENELEC is still ongoing in many areas.140 
Similarly, while external assurance of models prior to and after deployment has been identified 
as an important mechanism for managing AI risks.141 There is currently little government 
capacity for this and more work is required to build a mature ecosystem.142 One challenge is 
that systems are often developed in one country and then deployed in another, enhancing the 
need for global coordination.143 
Insufficient incentives for AI developers to invest into risk mitigation measures 
Market failures are observed in many global challenges, such as climate change. When a 
company produces carbon emissions, the harms are not only incurred by them, but by the 
world. They do not incur the full cost, so there is an externality.144 As a consequence, the 
company lacks sufficient incentive to reduce the harm.
Capabilities and risks from frontier AI 