Major Swiss Bank

Navigating AI Governance: Building a robust compliance and governance framework to systematically addresses regulatory requirements set by FINMA and the EU AI Act, while fostering responsible AI innovation across the organisation.

Challenge

• Urgency to establish a comprehensive AI governance framework due to increased scrutiny from the Swiss Financial Market Supervisory Authority (FINMA).
• Absence of a structured approach to AI governance, coupled with a complex stakeholder ecosystem involving Security, Architecture, Risk Management IT and others, posed significant challenges

Solution

• Implemented a comprehensive AI Governance Framework that introduced risk-based obligations and standardized checks for AI use cases and models, aligned with FINMA regulations, the EU AI Act and the NIST AI Risk Management framework
• Introduced various governance elements, including standardized AI use case documentation, comprehensive testing protocols, an AI inventory, refined roles and processes and due diligence checklists for third-party AI products

Business Impact

• Established a foundational AI governance framework with a standardised approach to AI use case development
• Achieved regulatory readiness and significantly reduced compliance, reputational and financial risks.