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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-03-07T19:11:00
The Department of Justice (DOJ) is working on an update to its Evaluation of Corporate Compliance Programs (ECCP) guidance to spell out the responsibilities of compliance staff for managing artificial intelligence (AI)-related risks.
Deputy Attorney General Lisa Monaco announced the impending change in remarks delivered at an American Bar Association event Thursday. She said she directed the Criminal Division to “incorporate assessment of disruptive technology risks, including risks associated with AI,” into the next update to the ECCP.
“When our prosecutors assess a company’s compliance program—as they do in all corporate resolutions—they consider how well the program mitigates the company’s most significant risks. And for a growing number of businesses, that now includes the risk of misusing AI,” Monaco said. “That’s why, going forward and wherever applicable, our prosecutors will assess a company’s ability to manage AI-related risks as part of its overall compliance efforts.”
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2024-06-03T08:58:00Z By Kyle Brasseur
The Department of Justice’s Antitrust Division is examining how its policies and enforcement mechanisms are suited to handle potential issues brought about by the proliferation of use of artificial intelligence.
2024-05-07T10:50:00Z By Jaclyn Jaeger
Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.
2024-04-18T20:42:00Z By Kyle Brasseur
With senior-level decisions on technology only increasing in frequency as new tools rapidly evolve, a panel at Compliance Week’s 2024 National Conference agreed compliance must consider the opportunities available to influence those conversations.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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