The UK’s audit regulator has revised an auditing and an assurance standard, both relating to ethics. The FRC said that the changes ensure that UK standards remain aligned with standards issued by the IAASB.
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Posted inArtificial Intelligence
Don’t overestimate the value of ‘human in the loop’ for AI governance, say experts
One of the key governance tenets around the use of AI is the concept of having a “human in the loop” to query AI-generated responses and to ensure that AI outputs remain explainable, unbiased, and harmless. But there are obvious questions: Which “human” should it be left to—and should it be one person?
Posted inHealthcare
Nursing home group, its owner, and an exec agree to pay $1M to settle false claims allegations
A New England nursing home group, its owner, and an executive agreed to pay $1 million to settle allegations first brought by a whistleblower that they billed Medicare and Medicaid for unnecessary care, the DOJ announced last Wednesday.
Posted inTechnology
FCC bans on foreign-made robotic devices, routers, and power inverters extend compliance risks
The move confirms a trend towards expanding national security controls into broader product categories that will affect many more compliance teams than previously.
Posted inRegulatory Enforcement
OTC Link pays $575,000 to SEC to settle alleged compliance failures
Broker-dealer OTC Link LLC has agreed to pay $575,000 to settle allegations that it repeatedly failed to create and enforce compliance policies and procedures for one of its trading platforms, which handles over-the-counter stocks, the SEC announced.
Posted inData Privacy
Future GDPR fines set to be more equal across EU
The EU’s main data regulator has issued new guidelines so that fines under the General Data Protection Regulation are in line from one EU country to the next.
Posted inTop Stories
SEC’s Woodcock: Enforcement division aims to aggressively enforce fraud
The SEC’s overarching priority is to “get back to basics,” David Woodcock, the commission’s director of the Division of Enforcement, said.
Posted inArtificial Intelligence
Deloitte survey exposes compliance gaps as a third of employees admit using shadow GenAI at work
Nearly a third of generative AI users bring their own GenAI tools to work and use them without their employer’s knowledge, raising important compliance concerns over issues such as cyber risks, copyright and audit trails.
Posted inRegulatory Policy
FCA expands non-financial misconduct rules to 37,000 more firms
Financial firms can now face regulatory action for bullying, harassment, and acts of violence under rules that have come into effect in the United Kingdom to counter sexism, misogyny, and poor corporate culture in the workplace. The Financial Conduct Authority’s (FCA) rules regarding non-financial misconduct (NFM) have been extended so that they not only apply […]
Posted inTop Stories
Fuel card company agrees to pay $100M over improper fee allegations
A company that sells fuel cards to businesses and its chief executive have agreed to pay $100 million to resolve allegations that customers were charged hidden fees.
