Industry News
The publication aims to provide early insights into how high-risk AI requirements will interact with financial services rules.
Key points include:
➡️ The AI Act establishes EU-wide rules to promote safe and responsible AI, with requirements tailored according to whether a firm builds the AI system or uses one developed by a third party.
➡️ The EBA found no significant contradictions between the AI Act and existing EU banking and payments legislation, noting the frameworks complement each other.
➡️ With both financial regulators and Market Surveillance Authorities (MSAs) overseeing compliance, the EBA flags the need for strong supervisory coordination.
➡️ Firms may need to adjust processes to align AI Act obligations, especially around high-risk AI used in credit scoring and creditworthiness assessments.
➡️ The European Commission will publish guidelines on high-risk classifications by February 2026, shaping how firms determine which AI systems fall under stricter rules.
➡️ The EBA will focus on supporting consistent implementation through supervisory cooperation and contributions to the EU AI Office and AI Board.
✅ Firms should begin assessing AI governance, and mapping controls against upcoming high-risk requirements to ensure alignment with the evolving EU AI framework.
💡 At Plenitude, our AI Assurance Services help clients realise the benefits of AI while managing risks, supported by world-leading expertise. Reach out directly or visit our website for more information: https://www.plenitudeconsulting.com/services/ai-assurance-services
