Premium Content | Compliance Week – Page 15
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Experts: Pressure on compliance to begin assessing AI Act impact
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.
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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.
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Fed governor: Increased bank regulation may do more harm than good
Michelle Bowman of the Federal Reserve Board of Governors warned in a speech the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
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FTC cases thrust COPPA compliance into spotlight
The Federal Trade Commission’s recent children’s privacy enforcement activity—including fines against Microsoft and Amazon—leaves no doubt businesses must make complying with the Children’s Online Privacy Protection Act a top priority.
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Learning from Uber’s DEI setback: Why structure, collaboration matter
Experts look back at Uber’s recent diversity, equity, and inclusion fiasco and illuminate hazards to avoid, allowing organizations to gain a stronger footing on their own DEI journeys.
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NAVEX report: Driven by cyber threats, infosec compliance top of mind
Compliance teams are taking more responsibility for issues related to information security and data privacy, motivated by increasing threats posed by data breaches and cyber intrusions, according to a new survey from NAVEX.
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CFTC commissioner crafting potential proposed rule on cyber resiliency
The Commodity Futures Trading Commission’s Technology Advisory Committee sponsored by Commissioner Christy Goldsmith Romero is crafting potential rulemaking to establish cyber resiliency baselines among swap dealers and futures commission merchants.
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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.
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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.
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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.
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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.
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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.
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How will regulators’ increased scrutiny of banks play out in practice?
Federal banking regulators have indicated they will be more assertive in their supervision of mid-sized banks in the aftermath of the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. What actions might they take?
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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.
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Poll finds finance empowerment key to ESG reporting confidence
The Deloitte Center for Controllership released new data that indicates confidence levels in environmental, social, and governance financial reporting are low.
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KPMG report: Bank supervision, cyber among reg focus areas for rest of year
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
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Survey: Social risks in supply chain prove vexing for GRC professionals
Respondents to a survey conducted by the International Compliance Association said they were confident they understood and are properly monitoring the social risks in their companies’ supply chains, though blind spots regarding cultures and strategic plans remain.
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Responsible use cases exist for generative AI in compliance—if you plan carefully
The possibilities for productive use of generative AI are alluring, compliance professionals say. But harnessing the technology in an ethical and compliant manner requires thorough risk assessment.
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Culture goals: ‘Get out of the squishiness and into something measurable’
Organizations must move beyond abstract theory and truly measure their compliance culture, a panel of experts discussed during Compliance Week’s 2023 National Conference.
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CCO compensation survey: Big gains for energy, healthcare
Annual total compensation for chief compliance officers rose 10 percent in 2022, according to the latest compensation survey by executive search firm BarkerGilmore.