May 5, 2025
On December 18, 2024, the Swiss Financial Market Supervisory Authority (FINMA) released Guidance 08/2024, emphasizing the importance of robust governance and risk management in the deployment of artificial intelligence (AI) by financial institutions. This guidance underscores the necessity for institutions to proactively identify, assess, and manage risks associated with AI, including operational, data-related, IT, cyber, legal, and reputational risks.
Olymp has developed a comprehensive AI Governance framework that aligns with FINMA's expectations. This framework encompasses key areas such as governance structures, risk classification, data quality, testing and monitoring, documentation, explainability, and independent review.
Governance and Responsibility
Olymp maintains a centralized governance structure for AI applications, ensuring clear definitions of roles and responsibilities. An exhaustive inventory of AI use cases is maintained, with each application assessed for risk and compliance. The team is adequately trained to manage and oversee AI systems.
Risk Identification and Management
Olymp proactively identifies and manages risks associated with AI, including model robustness, correctness, explainability, and potential biases. Data-related risks such as security, quality, and availability are also addressed.
Ensuring the completeness, accuracy, and relevance of data used in AI applications is a priority for Olymp. Internal policies are established to maintain high data quality, and the suitability of datasets is rigorously assessed.
Testing and Monitoring
Regular testing, including stress tests and sensitivity analyses, is conducted to validate AI functionality. Ongoing monitoring is implemented to detect issues such as data drift, ensuring the reliability and stability of AI applications over time .
Transparency and Explainability
Olymp ensures that AI-driven decisions are understandable and reproducible. This involves documenting data selection processes, model performance, assumptions, limitations, and fallback mechanisms to support transparency and compliance.
Implications for Clients
Olymp's adherence to FINMA's guidance ensures that clients can implement generative AI and agentic workflows in a fully compliant manner. The company's comprehensive AI governance framework supports clients in meeting regulatory requirements, managing data access control, fostering a responsible AI culture, and ensuring compliance through robust data protection and security measures.
By aligning its AI governance practices with FINMA's expectations, Olymp demonstrates its commitment to responsible AI deployment in the financial sector, providing clients with confidence in the reliability and compliance of their AI applications.