Key facts
The Swiss Financial Market Supervisory Authority (FINMA) is the central supervisory authority for the Swiss financial market. In the 2024 financial year, its remit covered approximately 30,000 financial institutions and products. FINMA’s objective is to safeguard the functionality, integrity and competitiveness of the financial centre. To fulfil its supervisory role, FINMA had a budget of CHF 154 million and employed an annual average of 695 staff. Its strategy includes increasing the efficiency of its activities through the use of innovative technologies such as artificial intelligence (AI).
The Swiss Federal Audit Office (SFAO) assessed the use of AI systems in FINMA’s supervision. The audit focused on three key fields of action: earning trust, increasing efficiency and developing skills. The AI sub-strategy published by the Federal Chancellery for the use of AI systems in both the central and decentralised Federal Administration provided the basis for defining the content of the fields of action audited by the SFAO.
The audit focused on whether AI is being used in accordance with the principles of trustworthiness and cost-effectiveness. FINMA is currently in the early stages of developing methodological and organisational AI skills. As a result, the audit identified a clear need for action in the areas of impact monitoring and the evaluation of AI system trustworthiness.