ISO/IEC 42001 is the international standard for an AI management system, published in 2023. It does for AI what ISO/IEC 27001 does for information security: it sets out how an organisation should plan, run, check and improve the way it develops and uses AI.
What it covers
- The context: which AI systems you use or build, and who is affected by them.
- Leadership: an AI policy, clear roles and accountability at senior level.
- Planning: how you identify and treat AI risks and assess impact on people.
- Operation: controls over the AI lifecycle, from data to deployment to monitoring.
- Evaluation and improvement: internal audit, management review and corrective action.
Why it matters to a bank
Banks already run management systems for security, quality and continuity. ISO/IEC 42001 follows the same structure, so it fits alongside them. For a bank adopting AI, it offers a way to show customers, partners and regulators that AI is governed with the same discipline as everything else.
Are you ready?
A readiness assessment answers that question before an auditor does. It compares how you manage AI today against each requirement, lists the gaps, and turns them into a plan. Certification itself is issued by an accredited certification body; preparation is the work that makes the audit straightforward.
If you already hold ISO/IEC 27001, you have a head start: many of the management-system processes are the same.
