This paper addresses the many benefits and risks of potentially serious adverse outcomes offered by multi-purpose AI models, such as state-of-the-art large-scale language models or other general-purpose AI (GPAI) models, base models, generative AI models, and cutting-edge models (hereafter collectively referred to as “GPAI/base models” except in special cases). It presents risk management methods or controls to identify, analyze, and mitigate risks in GPAI/base models. While the guidance is primarily intended for developers of large-scale, cutting-edge GPAI/base models, downstream developers of end-use applications built on top of GPAI/base models can also benefit from the guidance. Building on the NIST AI Risk Management Framework and the general voluntary guidance of ISO/IEC 23894, it focuses on the unique challenges faced by GPAI/base model developers to facilitate compliance with or use of key AI risk management-related standards.