- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-12-10T20:15:00
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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The SEC and CFTC proposed expanding Form PF disclosure requirements for large hedge funds to include more information on their investment strategies, investment exposure, open positions, and borrowing arrangements with counterparties, among other areas.
Bill Hwang, the founder of Archegos Capital Management, was arrested and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.
Credit Suisse announced sweeping changes to its long-term growth strategy, reemphasizing risk management after missed red flags led to billions of dollars in losses related to the collapses of Archegos Capital Management and Greensill Capital.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
