Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
Technology
Posted inRegulatory Enforcement
Ask a CCO: Tech most subject to regulator scrutiny over next 5 years?
Four senior compliance practitioners offer what they believe will be the technology currently on the market that will receive the most attention from regulators over the next five years.
Posted inRegulatory Enforcement
Ask a CCO: Accounting for regulator expectations in using new tech
Regulatory environments are ever evolving; four senior compliance practitioners detail what their respective businesses do to ensure compliance while utilizing new technologies.
Posted inRisk Management
Ask a CCO: Due diligence during Year 1 of implementing new tech
The first year is critical in assessing the success of implementing a new technology. Four senior compliance practitioners reveal how their respective firms carry out due diligence during implementation.
Posted inRisk Management
Ask a CCO: How does your firm assess the efficacy of new tech?
Four senior compliance practitioners describe how they evaluate new technologies to determine whether they are the right fit for their respective companies.
Posted inRisk Management
Ask a CCO: How do you get buy-in from leadership to invest in new tech?
Four senior compliance practitioners share keys to delivering a strong business case to management to secure budget resources for investment in new technologies.
Posted inRisk Management
How effective beneficial ownership searches leverage technology
Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
Posted inEurope
Experts: Europe’s AI Act to push companies to confront technology’s use
The Artificial Intelligence Act, along with upcoming EU rules addressing digital markets and services, should have companies considering their use of AI and other emerging technologies to determine how the laws might impact their business.
Posted inInternal Controls
Five strategies for balancing risk/reward of investing in new technologies
Taking a step back before committing to a technology project to weigh the risks and rewards can prove beneficial in the long term. Consider the following best practices.
Posted inRisk Management
OCC studying risks posed by bank-fintech partnerships
Bank-fintech partnerships have grown “at exponential rates” and become so complicated it is often difficult to distinguish “where the bank stops and where the tech firm starts,” Acting Comptroller of the Currency Michael Hsu said.
