Artificial intelligence was highlighted as an emerging risk to the federal banking system as part of the Office of the Comptroller of the Currency’s latest semiannual risk perspective.
Technology
Posted inRegulatory Enforcement
DOJ official: Agency to ‘double down’ on data analytics efforts
The Department of Justice is upping its game regarding its use of data analytics to identify potential misconduct, and it expects companies to be doing the same.
Posted inAccounting & Auditing
Surveys: Finance, legal execs share concerns around AI use
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
Posted inRegulatory Enforcement
Survey: Companies bullish on new tech amid enhanced sanctions scrutiny
Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
Posted inData Privacy
Automated decision-making tech rules added to crowded CPPA agenda
The California Privacy Protection Agency drafted its rules to apply the rights allowed to residents under the California Consumer Privacy Act to automated decision-making technology used by businesses.
Posted inEurope
Companies must hold insurers to account on AI use
Insurers embracing artificial intelligence-based technologies might pose serious risks to companies buying insurance if the risk data used to price their insurance premiums is used to train AI algorithms or shared on commonly used chatbots like ChatGPT.
Posted inEthics & Culture
Compliance officers share lack of faith in off-channel comms monitoring policies
Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.
Posted inEthics & Culture
Despite AI hype, compliance remains hesitant adopter
Most compliance professionals say their teams are not using artificial intelligence to assist with compliance obligations, according to our “Inside the Mind of the CCO” survey.
Posted inRisk Management
Digital Transformation of Compliance podcast: GWU Professor Kyle Welch
In this episode of the Digital Transformation of Compliance podcast series, Kyle Welch, a George Washington University associate professor of accountancy, discusses findings from his research on internal whistleblowing and compliance dashboards built by publicly traded U.S. companies to leverage hotline data.
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Companies bullish on new tech amid enhanced sanctions scrutiny
If sanctions are the top enforcement priority for the Department of Justice, companies have got the message, according to a recent study.