All Risk Management articles – Page 45
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News BriefSEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
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News BriefFinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
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News BriefU.S. authorities reiterate enforcement focus on AI discrimination
Officials at four U.S. agencies warned they are prepared to act against bias or discrimination that involves artificial intelligence.
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PremiumIs ChatGPT the privacy problem? Or is GDPR?
Scrutiny into ChatGPT has reignited concerns the General Data Protection Regulation is either stifling innovations in technology or that the legislation is not flexible enough to keep pace with technological advances. Experts weigh in.
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News BriefTreasury teases revising AML/CFT regulations to address ‘de-risking’
The Treasury Department might propose new regulations for financial institutions aimed at discouraging banks from shutting out large swaths of potential banking customers because of risk concerns.
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News BriefFSOC votes for Fed to supervise nonbank financial institutions
Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
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News BriefUBS delays chief risk officer transition amid Credit Suisse merger
UBS announced Christian Bluhm will remain in his role as group chief risk officer “for the foreseeable future” as the Swiss bank grapples with integrating Credit Suisse into its business.
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Resourcee-Book: Best practices for navigating global supply chain laws
Despite legislation aimed at preventing labor and other human rights abuses in supply chains taking force in major countries including the United Kingdom, United States, Germany, and France, many companies are struggling to comply.
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News Brief
SEC bulletin tackles Reg BI care obligation FAQs
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
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News BriefDOJ fine against GM accompanied by export control law guidance
General Motors agreed to pay $365,000 to settle charges it discriminated against non-U.S. citizens by requiring prospective hires to provide unnecessary documents as part of its export compliance assessment.
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News BriefBIS updates voluntary self-disclosure policy to punish not coming forward
The Commerce Department’s Bureau of Industry and Security updated its guidelines to further clarify the advantages of voluntary self-disclosure to the agency when export control violations are uncovered.
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News BriefEU lawmakers float changes to AI Act to account for ChatGPT
The European Union’s draft law to regulate artificial intelligence must be updated to include overarching controls on chatbots like ChatGPT, a group of European Parliament members wrote in an open letter.
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News BriefHHS teases policy changes stemming from cyber resiliency analysis
Some U.S. hospitals are falling short in protecting themselves from cyberattacks, with 29 percent of facilities recently surveyed lacking a documented GRC system, a new report from the Department of Health and Human Services found.
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OpinionBBC-Gary Lineker controversy a lesson in employee social media supervision
The BBC’s widely criticized suspension of soccer commentator Gary Lineker for remarks he made on Twitter should prompt employers to reconsider whether they have the right to discipline employees or contractors for what they do outside of the work environment.
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News BriefFDIC vice chair: Access to data, employees slowed sale of SVB
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
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PremiumWyelands Bank case warrants extra scrutiny post-SVB collapse
The details of the Prudential Regulation Authority’s case against Wyelands Bank and the business coming from the group of companies that owned it raise questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
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PremiumHow to avoid pitfalls of scaling business with generative AI
Generative AI has the potential to be as game-changing for business and society as the internet, social media, and mobile phones were. At the moment, however, the risks seem to outweigh the rewards.
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News BriefTreasury: DeFi services vulnerable to AML/CFT, cybersecurity risks
A new U.S. Treasury report concluded that decentralized finance services are being used by bad actors to launder the proceeds of illegal activity, aided by crypto platforms weak or non-existent in anti-money laundering and sanctions compliance programs.
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News BriefUBS prepping for ‘Herculean task’ of integrating Credit Suisse
Senior leadership at UBS acknowledged the significant work ahead of Switzerland’s largest bank as it begins preparing to absorb the country’s second-largest bank, Credit Suisse.
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OpinionAlleged fraudster cited privacy in duping JPMorgan into $175M merger
Charlie Javice and her startup Frank allegedly convinced the country’s largest bank to pay $175 million for what largely amounted to a list of fake college students. The apparent due diligence failures by JPMorgan Chase offer a cautionary tale to compliance professionals.