Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.
Technology
Posted inRisk Management
Google Cloud touts impact of new AML AI product
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.
Posted inRegulatory Enforcement
JPMorgan unit fined $4M over record retention violations
JPMorgan Securities agreed to pay $4 million to settle charges levied by the Securities and Exchange Commission regarding record retention violations related to the deletion of approximately 47 million electronic communications.
Posted inRisk Management
OCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
Posted inEurope
As AI Act moves forward, concerns of undermined GDPR persist
The European Union wants to bolster tech innovation within the single market as artificial intelligence is predicted to catapult economic growth, but some have expressed fears AI use might conflict with levels of automatic protection expected under the General Data Protection Regulation.
Posted inEurope
Shades of SolarWinds in lessons from MOVEit hack
A ransomware attack affecting some of the U.K.’s largest corporations has highlighted once again how exposed organizations can be if the levels of cybersecurity used by their third parties are not as strong as expected.
Posted inAccounting & Auditing
Nutanix discloses remediation steps following costly software misuse
A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.
Posted inRisk Management
Mindset matters for governance and compliance success in the cloud
Shifting your organizational structure to align with a capability-based operating model can help you focus on delivering outcomes for customers, instead of concentrating on different departments and processes.
Posted inRisk Management
Verizon report: Lion’s share of data breaches linked to organized crime
About 83 percent of data breaches are perpetrated by external bad actors and not employees, with 70 percent of those breaches linked to organized crime groups with financial motives, according to the latest research.
Posted inRisk Management
CFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.