EFAMA Launches AI Assessment Tool for Asset Managers in complying with the EU AI Act

The European Fund and Asset Management Association (EFAMA) has launched an AI-system Assessment Tool aimed at helping asset managers navigate the regulatory landscape surrounding artificial intelligence. This tool is designed to assist firms in documenting and assessing AI use cases in compliance with the EU AI Act, as well as other regulations such as the General Data Protection Regulation (GDPR), Markets in Financial Instruments Regulation (MiFIR), and the Digital Operational Resilience Act (DORA).

Developed in collaboration with industry experts, the tool provides a structured approach to AI compliance and is available free of charge. The launch coincides with the European Commission's recent publication of guidelines on prohibited AI practices, which are part of the AI Act's risk-based classification framework. The AI Act is set to come into force in 2026, introducing new obligations for high-risk AI system providers.

Ulf Herbig, Chairman of the EFAMA AI Task Force, emphasized that the tool represents a significant advancement for the industry, enabling firms to efficiently document and assess their AI systems while ensuring regulatory compliance. Franco Luciano, Policy Advisor at EFAMA, highlighted the collaborative efforts behind the tool, which aims to facilitate the integration of AI into business models within a complex regulatory environment.

Mónica Valladares, General Counsel at CaixaBank Asset Management and a member of the EFAMA AI Task Force, noted the potential of AI as a powerful resource for the asset management sector. She stressed the importance of responsible AI adoption, which requires correct identification of use cases and adherence to relevant regulations, goals that the new tool is designed to support.