FINMA Guidance On Governance And Risk Management When Using AI

Key takeaways

• To date, there is no specific legislation on artificial intelligence (AI) in Switzerland.
• The Swiss government included AI as a cornerstone of the Digital Switzerland Strategy and has already commissioned two expert reports on how to regulate AI in Swiss law, the second of which is expected for publication in early 2025. The Federal Data Protection and Information Commissioner also made it clear in 2023 that the Federal Data Protection Act directly applies to data processing with the use of AI.
• Most recently, the Swiss Financial Market Supervisory Authority (FINMA) published guidance on governance and risk management for supervised financial institutions when using AI in December 2024. Businesses from other sectors are also invited to take note of the general directions as FINMA adopts certain regulatory ideas originating in EU law.