With its Executive Order (EO) issued last month, the Biden Administration has ushered in a new era of AI safety testing and regulatory reporting, including “red-teaming” requirements. This second installment in a two-part article series about the EO’s impact on the private sector provides perspective and practical considerations regarding red teaming and other AI testing mandates, including those detailed in the Office of Management and Budget draft rules for federal agencies, released two days after the EO. With insights from direct interviews with AI governance practitioners and observations from panelists at the International Association of Privacy Professionals’ inaugural AI Governance Global conference, this article also discusses lessons for companies on AI impact assessments. Part one discussed seven top takeaways from the EO, including its impacts on worker monitoring, risk assessment, cybersecurity and privacy-enhancing technology. See “Compliance Checklist for AI and Machine Learning” (Jan. 5, 2022).