Introducing an AI Governance Framework in Financial Organizations. Best Practices in Implementing the EU AI Act (Practitioner Track)

Abstract

To address the challenges of AI regulation and the EU AI Act’s requirements for financial organizations, we introduce an agile governance framework. This approach leverages existing organizational processes and governance structures, integrating AI-specific compliance measures without creating isolated processes and systems. This framework combines immediate measures to address urgent AI compliance cases with the development of a broader AI governance. It starts with an assessment of requirements and risks, followed by a gap analysis; after that, appropriate measures are defined and prioritized for organization-wide execution. The implementation process includes continuous monitoring, adjustments, and stakeholder feedback, facilitating adaptability to evolving AI standards. This procedure guarantees not only adherence to current regulations but also positions organizations to be well-equipped for prospective regulatory shifts and advancements in AI applications.