AI Governance and Assurance
AI regulation in financial services is accelerating across every major jurisdiction. There is no single global standard, but regulators are converging on common expectations around risk management, transparency, fairness, human oversight, and accountability.
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The EU AI Act classifies AI systems used in credit scoring, insurance pricing, and fraud detection as high-risk, with compliance required by August 2026 and penalties of up to 7% of global turnover. The US NIST AI Risk Management Framework provides a structured approach to identifying and managing AI risks, and is increasingly referenced by federal regulators including the SEC, OCC, and CFPB. Singapore's MAS FEAT principles set expectations on fairness, ethics, accountability, and transparency for financial institutions deploying AI. The UK FCA has signalled increased scrutiny of AI through the Consumer Duty, explainability expectations, and its broader focus on outcomes for retail customers. The OECD AI Principles, adopted by over 40 countries, provide a baseline governance standard that underpins many national frameworks.
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For firms operating across borders, the challenge is building a governance approach that satisfies multiple regulatory frameworks without duplicating effort or creating structures that cannot scale.
How can we help?
Let's discuss
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Tell us about your AI governance challenges and we will arrange a call with one of our specialists, usually within 24 hours.
Why leading firms choose us as their partner.
"We engaged Buckingham Capital Consulting to help us build an AI governance framework ahead of the EU AI Act's high-risk requirements. Their team understood both the regulatory obligations and our operational reality. The framework they delivered gave our board the confidence to continue investing in AI while ensuring we meet our compliance obligations across every jurisdiction we operate in."
Trusted by Leaders in Financial Services
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Our services
Regulatory expectations around the use of AI in financial services are evolving rapidly. We help firms build governance frameworks that are robust enough to satisfy regulators and practical enough to support continued innovation.
AI Governance Framework Design
We design end-to-end AI governance frameworks tailored to your organisation, covering risk classification, roles and responsibilities, model inventory, approval workflows, documentation standards, and ongoing monitoring. Our frameworks align with the EU AI Act, NIST AI RMF, MAS FEAT principles, OECD AI Principles, and applicable financial services regulations in your operating jurisdictions.
Regulatory Readiness Assessment
We assess your current AI systems and governance arrangements against the regulatory requirements applicable to your operating jurisdictions, including the EU AI Act, NIST AI RMF, MAS FEAT principles, and UK FCA expectations. You receive a clear view of which systems are in scope, where your gaps are, and a prioritised implementation plan with timelines aligned to each jurisdiction's deadlines.
AI Risk Assessment and Classification
We help you identify, classify, and document the risk level of every AI system in your organisation. This includes mapping AI use cases against the EU AI Act's risk tiers, assessing impact on consumer outcomes, and determining which systems require conformity assessments, enhanced documentation, or human oversight measures.
Bias Testing and Fairness Assurance
We conduct independent assessments of your AI models to identify bias across protected characteristics. Our testing covers training data, model outputs, and decision patterns, with actionable recommendations to remediate identified issues and evidence your compliance with fairness and non-discrimination requirements.
Explainability and Transparency Reviews
Regulators expect firms to explain how their AI systems reach decisions, particularly where those decisions affect consumers. We review your AI systems for explainability, assess whether your transparency obligations are being met, and help you build the documentation and disclosure frameworks required under the EU AI Act and applicable consumer protection regulations.
AI Audit and Assurance
We carry out independent audits of your AI governance arrangements, model documentation, risk management processes, and compliance with applicable regulatory frameworks. Our audit reports are designed for submission to your board, risk committee, and where required, your regulator.
AI Policy and Procedures
We draft or review your AI policies covering acceptable use, procurement, third-party AI, data governance, model validation, incident management, and human oversight. Our policies are designed to meet regulatory expectations while being operationally practical for your teams.
Ongoing AI Compliance Support
We provide retained support as AI regulation evolves. This includes monitoring of regulatory developments across jurisdictions, updates to your governance framework, periodic reviews of your AI inventory, and preparation for regulatory examinations or supervisory engagement related to AI.
AI Training and Literacy
The EU AI Act requires all providers and deployers of AI to ensure sufficient AI literacy among their staff. We deliver tailored training for boards, senior management, compliance teams, and operational staff covering the regulatory framework, your governance obligations, and the practical steps required to meet them.
Our People
Our team of AI and financial services experts combines decades of experience across banking, consulting, data science, and technology innovation. This diverse expertise equips us to understand the complex challenges organisations face in adopting and integrating AI into their operations. When you partner with us, you gain the personalised expertise of senior professionals who bring both strategic insight and technical depth to every engagement. Our approach goes beyond implementation—we align AI solutions with your business objectives, delivering tailored strategies that drive measurable outcomes and long-term value.
Why Buckingham Capital Consulting
Driving AI transformation in financial services with proven expertise
Financial Services Focus
We work with regulated financial institutions. This means we understand the intersection of AI regulation with existing obligations under PSD2, the Consumer Duty, DORA, MiFID II, the Consumer Credit Directive, and Solvency II. AI governance does not exist in isolation and neither does our advice.
Global Regulatory Coverage
We advise on AI governance requirements across the EU, UK, US (NIST AI RMF, SEC, OCC guidance), Singapore (MAS FEAT principles), and other major financial jurisdictions.
Proportionate and Practical
We design governance frameworks that are proportionate to the size and complexity of your organisation. Whether you are a 10-person fintech or a multinational institution, our frameworks are built to work in practice, not just on paper.