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ARTICLE · 09 JANUARY 2025

FINMA Issues Guidance On AI Use In Financial Institutions

Lenz & Staehelin
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On 18 December 2024, FINMA released Guidance 08/2024 on governance and risk management for artificial intelligence (AI) applications in supervised financial institutions.

SwitzerlandFinance and Banking
Ariel Ben Hattar
Ariel Ben Hattar
Valérie Menoud
Valérie Menoud
Jeremy Bacharach
Jeremy Bacharach
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On 18 December 2024, FINMA released Guidance 08/2024 on governance and risk management for artificial intelligence (AI) applications in supervised financial institutions. This new guidance outlines best practices for identifying and managing risks associated with AI. It builds on FINMA's earlier guidance in its 2023 Risk Monitor, which briefly addressed the use of AI in the financial sector.

In 2023, the Swiss Financial Market Supervisory Authority FINMA ("FINMA") included brief guidance on the use of AI in the financial sector in its Risk Monitor report. The 2023 guidance focused on common-sense principles, such as ensuring the reliability of AI tools and the understandability of their outputs.

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