In remarks at a virtual event hosted by the Federal Reserve today, Fed Governor Lael Brainard said that the federal banking agencies are in the process of drafting request for information on the risk management of artificial intelligence applications in financial services as they consider “whether additional supervisory clarity is needed to facilitate responsible adoption of AI.”
Between spiking case and hospitalization rates, new mutations of the coronavirus and COVID-19 fatigue, “we’re in a very dark period of time,” says Paul Benda.
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
In remarks at an industry event today, Federal Reserve Vice Chairman for Supervision Randal Quarles discussed possible ways to improve the supervisory ratings system that regulators use to assess banks’ strength in various risk areas to make them “more consistent and more predictable.”
Regulators are currently “in the process of reviewing another update” to the BSA/AML examination manual, Lisa Arquette, associate director of the FDIC’s division of risk management told attendees at the ABA/ABA Financial Crimes Enforcement Conference today.
ABA joined three other banking and finance trade groups in a letter to the Federal Reserve in response to recent updates and clarifications to the list of firms supervised by its Large Institution Supervision Coordinating Committee.
It’s vital to verify data across sources to create a comprehensive 360-degree view of specific businesses.
Application fraud and account takeover attacks have soared during the pandemic, but modern technologies enable secure and convenient banking
The current murky picture delivered by traditional data has forced an increased focus on new methods that better capture credit risk.
The Financial Stability Board today issued a paper on outsourcing and third-party risk management.