Industry trade association supporting asset managers with AI Act compliance
The European Fund and Asset Management Association (EFAMA) has launched Version 2 of its AI System Assessment Tool, which supports firms of all sizes in navigating the regulatory complexities of AI. This standardised template helps firms assess AI use cases in line with the EU AI Act, with the new version reflecting the increasing depth and maturity of AI technologies within the asset management sector.
EFAMA, working closely with the industry, has developed this enhanced template with additional functionalities and expanded data fields that support more advanced analysis of business risks, technology considerations, and internal governance. It is designed to help firms integrate AI tools responsibly within their organisational structures and processes.
We have also included a ‘DORA-lite’ version of the tool to help document and assess third-party provided AI systems. This template is designed to be shared and completed by ICT service providers, helping firms meet due diligence and DORA documentation requirements.
This update comes as the European Commission published its Digital Omnibus legislative proposal on AI, which aims to simplify the EU AI Act's framework and reduce compliance costs for businesses across the EU.
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”.
- ENDS -
Notes to Editors
Find out more about the tool and request a copy here.
For further information, please contact:
Hayley McEwen
Head of communications and membership development
