On March 13th 2024 the EU Parliament approved the AI Act. The overall objective is simple: to increase the acceptance and trust in AI by European consumers. The path to get there is however more challenging and the the AI Act will have immense implications for companies using AI systems

So fare little attention has been given to AI tools deployed in the financial sector but nonetheless, the AI Act still remains a primary legislative source that all financial institutions will need to follow.

The AI Act takes a risk-based approach and categorises AI systems into four risk levels:

• Minimal or no risk
• Limited risk
• High risk
• Unacceptable risk

Even though finance isn't explicitly listed among the high-risk systems, AI-driven lending platforms e.g. used in essential private and public services, such as credit scoring, must comply with high-risk AI system requirements.

At this Fintech Tuesday we will focus on what we do know so fare. Copenhagen Fintech have invited some of Denmarks foremost experts on the AI Act who will provide their viewpoints on how fintech's and financial institutions e.g. can navigate classification of risk groups and how to potentially secure compliance through standards and documentation of their work processes. We will also touch upon regulations governing the more general use of data in AI solutions.

There will be good time for Q&A and networking.

Speakers

• Birgitte Toxværd - Partner at Kromann Reumert
• Lasse Vibjerg - Senior Associate at Kromann Reumert
• Avishay Gashiel, Senior AI Risk Advisor, 2021.AI

Agenda

14:00-14:05 - Welcome by Copenhagen Fintech

14:05-14:50 - The AI Value Chain - Roles and responsibilities (Kromann Reumert) + Q&A

• Roles in the AI Act as provider, deployer, data controller and data processor
• Responsibilities depending on various roles in the value chain

14:50-15:00 Coffee Break

15:00-15:40 - Avishay Gashiel, 2021.AI + Q&A

• The AI Risk Management Survival Guide; what fintech's should know or learn in order to steer the requirements of the AI Act
• Adoptation of good risk management practices and strategies - the basics and minimal requirements for startups when engaging with large corperates

15:40-16:00 - Networking

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Fintech Tuesdays are organised by Copenhagen Fintech as part of the National Position of Strength Programme for “Finans & Fintech” (2021-2024) financed by the Ministry of Education and Research