ACPR Adapts to AI Risks and Gains in Financial Sector

The Autorité de contrôle prudentiel et de résolution (ACPR) has issued guidance addressing the profound transformation of the financial sector by Artificial Intelligence. This guidance acknowledges both the efficiency gains and the new risks, such as explainability, fairness, and cybersecurity, introduced by AI. It highlights that the European AI Act provides a horizontal framework that complements existing sectoral regulations, and the ACPR must adapt its supervisory methods, strengthen its expertise, and foster cooperation with various stakeholders to effectively oversee AI systems.

Financial institutions operating within the EU, particularly those supervised by the ACPR, should review this guidance to understand the evolving regulatory landscape for AI. While the document outlines the ACPR's adaptive strategy rather than imposing new direct obligations, it signals an increased focus on AI-related risks. Compliance officers should ensure their organizations are prepared to address issues of explainability, fairness, and cybersecurity in their AI deployments and be ready to engage with supervisory expectations as outlined by the ACPR and the broader European AI Act framework.