The European Fund and Asset Management Association ( Efama) has released version 2 of its AI System Assessment Tool, introducing a framework to help asset managers evaluate AI use cases in line with the EU AI Act.
The AI Act is the first comprehensive EU regulation on artificial intelligence, using a risk-based approach. It bans unacceptable AI uses, imposes strict requirements on high-risk applications, and leaves low-risk AI largely unregulated.
Developed in collaboration with industry participants, the template features additional data fields and functionality to support more detailed analysis of business risks, technology considerations and internal governance.
The trade association has also introduced a “DORA-lite” version to support the documentation and assessment of third-party AI systems. The template can be shared with information and communication technology service providers, helping asset managers meet due-diligence expectations and align with forthcoming Digital Operational Resilience Act (DORA) requirements, a regulation introduced by the EU to strengthen the digital resilience of financial entities.
The launch follows the European Commission’s publication of its Digital Omnibus proposal, which aims to streamline elements of the EU AI Act and reduce compliance burdens for businesses across the bloc.
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Franco Luciano, policy advisor at Efama, commented: “The asset management industry is well placed to lead on the responsible and trustworthy use of AI. Drawing on the collective expertise of our member firms, Efama has created a free, public tool to help companies not only meet their legal obligations but also assess key technological and risk-management elements of any new AI use case introduced into their operations. This Tool will help European asset managers lighten their compliance burden, enabling them to focus on finding innovative ways to embed AI into their business models and enhance their value propositions”.
