EFAMA’s new tool facilitates compliance with the AI Act

The European Fund and Asset Management Association (EFAMA) has launched its AI-system Assessment Tool, which is designed to support firms of all sizes navigate the regulatory complexities of AI. Developed together with EFAMA member experts from across the industry, the Tool will help firms document and assess AI use cases in line with the EU AI Act and other interdependent regulations, including GDPR, MiFIR and DORA, using a free-of-charge standardised tool.

This milestone comes as the European Commission published its guidelines this week on prohibited AI practices, which form part of the EU AI Act’s risk-based classification framework. The general application of the AI Act is set to enter into force next year—including new obligations for high-risk AI system providers.

Ulf Herbig, Chairman of the EFAMA AI Task Force, stated: "The launch of this AI-system Assessment Tool is a major step forward for the industry. It offers firms a structured approach to documenting and assessing their AI systems, ensuring they can meet regulatory requirements effectively and efficiently. We hope this contributes to increased innovation in the asset management sector."

Franco Luciano, Policy Advisor at EFAMA, added: "The collaborative efforts of our members have resulted in a freely available tool that will help asset managers incorporate AI into their business models within a complex and evolving regulatory landscape. EFAMA is committed to supporting the financial sector with tools that facilitate compliance and promote responsible AI adoption."

Mónica Valladares, General Counsel at CaixaBank Asset Management & member of the EFAMA AI task force, said: “We definitely believe AI will be a powerful tool for our sector and support this industry-led initiative. The asset management sector in Europe is eager to make the most of this technology, while taking a responsible approach in compliance with applicable rules. This starts with the correct identification of use cases, an understanding of specific context and relevant regulations, which this tool delivers.” 

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 Note to editors :

You can request the AI-system Assessment Tool here.

Read the European Commission’s guidelines on prohibited AI practices here.