Deploying AI Systems in the Financial Sector – Assessing FINMA’s Practice in the Light of International Developments

de Cannière, Gaëlle; Jotterand, Alexandre. Deploying AI Systems in the Financial Sector – Assessing FINMA’s Practice in the Light of International Developments. In: SZW/RSDA 02/2025, p. 191–203.

Abstract (AI generated)

This article analyses FINMA’s practice regarding the use of artificial intelligence systems in the financial industry in light of international developments. It presents key financial regulators and policy statements on AI in Europe, Asia and America, showing that regulators are formulating similar but not identical requirements, including an AI strategy, robust governance and documentation, while others are deregulating AI. It then examines the measures identified by FINMA, offering insights on compliance while critically assessing where the approach is insufficient or overly burdensome, and concludes with practical recommendations.