The European Fund and Asset Management Association (EFAMA) has launched Version 2 of its AI System Assessment Tool, a standardised template intended to help firms of all sizes assess AI use cases in line with the EU AI Act and navigate related regulatory complexity. The updated tool adds functionalities and expanded data fields to support deeper analysis of business risks, technology considerations and internal governance, and is positioned to help firms embed AI responsibly within organisational structures and processes. It also introduces a ‘DORA-lite’ template for documenting and assessing third-party provided AI systems, designed to be shared with ICT service providers to support firms’ due diligence and DORA documentation requirements, against the backdrop of the European Commission’s Digital Omnibus legislative proposal on AI aimed at simplifying the EU AI Act framework and reducing compliance costs.
European Fund and Asset Management Association 2025-12-11
European Fund and Asset Management Association launches Version 2 of its AI System Assessment Tool to support EU AI Act compliance
The European Fund and Asset Management Association (EFAMA) has released Version 2 of its AI System Assessment Tool to assist firms in aligning AI use cases with the EU AI Act. The tool includes enhanced functionalities for analyzing business risks, technology considerations, and governance, and introduces a 'DORA-lite' template for third-party AI systems to aid due diligence and compliance with the Digital Omnibus legislative proposal.