FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland)
FINMA's expectations for Swiss financial institutions using AI: governance and accountabilities including outsourced AI, a complete risk-classified inventory under a broad definition of AI, data quality controls, testing and ongoing monitoring with drift detection and fallbacks, central documentation, explainability and independent review of model development.
FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) is a compliance framework from Switzerland with 1 domains and 7 controls. The largest domains are Section 2: Findings from supervision and FINMA's expectations – FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) (7 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (1)
Section 2: Findings from supervision and FINMA's expectations – FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland)
| Code | Title |
|---|---|
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.1 | Put AI governance in place with clear responsibilities, standards, testing, documentation and training |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.2 | Define AI broadly and keep a complete inventory with consistent risk classification criteria |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.3 | Set requirements and controls for data quality, integrity, availability and access |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.4 | Test before use and monitor continuously with predefined indicators, thresholds, drift detection and exception handling |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.5 | Document material applications centrally, in detail and for the recipient |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.6 | Make results explainable enough to assess their plausibility and robustness |
| finma-guidance-08-2024-governance-and-risk-management-when-using-artificial-intelligence-switzerland::2.7 | Separate development from independent review and act on the review's opinion |
What is FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) and who does it apply to?
FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) is a compliance framework from Switzerland with 1 domains and 7 controls. FINMA's expectations for Swiss financial institutions using AI: governance and accountabilities including outsourced AI, a complete risk-classified inventory under a broad definition of AI, data quality controls, testing and ongoing monitoring with drift detection and fallbacks, central documentation, explainability and independent review of model development. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) actually require?
FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) has 7 controls organised across 1 domains. The largest domains are Section 2: Findings from supervision and FINMA's expectations – FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) (7 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) do I already cover?
FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland)?
Start your FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about FINMA Guidance 08/2024 Governance and Risk Management When Using Artificial Intelligence (Switzerland) requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 7 controls and track your progress.
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