The European Fund and Asset Management Association (Efama) has introduced an AI-system Assessment Tool to help asset managers comply with the EU AI Act and related regulations.
Developed with industry experts, the free tool provides firms with a structured approach to documenting and assessing AI use cases within an evolving regulatory framework.
This initiative by Efama, the voice of the European investment management industry, comes as the European Commission publishes guidelines on prohibited AI practices, part of the AI Act’s risk-based classification framework. The Act, which will come into force next year, introduces new obligations for high-risk AI system providers, making regulatory compliance a growing priority for asset managers.
Ulf Herbig, chairman of the Efama AI Task Force, called the launch a “major step forward for the industry”, adding: “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.”
The tool aims to simplify compliance with not just the AI Act, but also the General Data Protection Regulation, Markets in Financial Instruments Regulation and Digital Operational Resilience Act, ensuring AI is used responsibly and transparently.
Franco Luciano, policy advisor at Efama, stated: “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.”
The asset management industry is increasingly looking to leverage AI for efficiency and innovation, while ensuring responsible implementation. Mónica Valladares, general counsel at CaixaBank Asset Management & member of the Efama AI Task Force, highlighted the sector’s readiness, saying: “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.”
