Compliance meets AI: A banking love story
Banks are at preliminary stages in evaluating generative AI. But areas of early adoption are customer services, analyzing data and reading large regulatory documents.
Banks are at preliminary stages in evaluating generative AI. But areas of early adoption are customer services, analyzing data and reading large regulatory documents.
The final rule is intended to address changes to the operational risk, technology and landscape in which FMUs operate that have taken place since the requirements were last updated in 2014.
The company’s technology is designed to align with the U.S. financial sector’s push to diversify loan portfolios—particularly highlighted by risks exposed by the bank failures of the past year.
First-line risk knows the business, while second-line risk knows the broader organization. When brought together, both perspectives paint a compelling view of the true nature of risk across the company.
The Federal Reserve plans to continue its supervisory focus on fundamental risk management related to counterparty credit risk, and it will conduct an analysis of how the largest banks cope with the default of their largest hedge fund counterparties, Fed Vice Chairman for Supervision Michael Barr said.
We don’t know what we don’t know — but now is the time to ask.
ABA Banking Journal’s annual analyses target important issues across multiple topics.
The reality behind account closures is complicated and driven by the nation’s interest in protecting the financial system from a host of bad actors intent on doing harm.
Companies are reviewing the mix of metrics they use to track the risk of bank counterparties, taking a variety of actions to reduce harm should a relationship bank fail.
Federal regulators are seeing banks enter a growing number of third-party relationships to provide technology services, so it is important for those institutions to make sure their third-party risk management practices are sound to avoid potential supervisory problems down the road, representatives from four banking agencies said.