How should financial services firms respond to the EU’s AI act?

Written By L-EV8

Jonathan Armstrong’s latest article for the European Financial Review deals with the implications of the EU’s new AI act, which entered into force on 1 August 2024. Although the act has a staggered compliance timetable, and it will not be fully applicable until August 2027, the financial services sector will be heavily impacted and firms need to prepare.

His advice for financial services firms includes:

  • Building a bespoke Action Plan that covers the key areas of their response to the AI act.

  • Training board members on AI skills - too many boards lack the adequate skills or knowledge, and opting out of AI is not an option.

  • Taking inventory of their current AI systems to identify what systems are currently being used, and assess the risk level of those systems

  • Thinking about AI on a global scale, including extra-territorial effects of legislation in the EU and beyond.

You can read the full text of the article using the following link:

https://www.europeanfinancialreview.com/what-are-the-implications-of-the-eu-ai-act/

L-EV8 https://l-ev8.com
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