Diogo Pereira Duarte explains what the AI Act means for banking institutions
Diogo Pereira Duarte, partner at Abreu Advogados and co-head of the Banking and Finance practice area, was a guest on Jornal Económico’s Next Gen Banking podcast, where he explained the changes introduced by the European AI Act and how banks should structure their governance, transparency and risk management frameworks to ensure compliance without holding back digital transformation.
According to the lawyer, there are three key courses of action that banking institutions in Portugal should take immediately:
- Integrate AI and the risks associated with it into banking governance systems;
- Take stock of the systems currently in use and categorise them according to the different levels of risk established by the Regulation;
- Map the obligations applicable to each system and draw up an implementation plan once any gaps have been identified.
“In practical terms, this means assigning responsibilities at management level, establishing controls within compliance functions, monitoring what is being done and providing training to staff.”
Listen to the full episode.
