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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.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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