A recent survey by Compliance Week revealed that nearly 70 percent of organizations use AI, but do not have adequate AI governance. This is shocking. But the most alarming part is that these organizations do not perceive that...more
12/20/2024
/ Artificial Intelligence ,
Bad Actors ,
CFTC ,
Class Action ,
Compliance ,
Cybersecurity ,
Deep Fake ,
Equal Employment Opportunity Commission (EEOC) ,
Financial Institutions ,
Governance Standards ,
Insurance Industry ,
Penalties ,
Securities and Exchange Commission (SEC)
At the onset of widespread AI use, AI’s ability to produce quick and seemingly trustworthy outputs distracted many companies and individuals from the dangers of using AI tools as a “new toy.” After the novelty wore off, AI...more
11/14/2024
/ Artificial Intelligence ,
Audits ,
Automated Decision Systems (ADS) ,
Bias ,
Corporate Governance ,
Data Collection ,
Governance Standards ,
Policies and Procedures ,
Public Relations ,
Regulatory Oversight ,
Risk Management
In the rapid evolution of artificial intelligence, companies are often enticed by the numerous benefits that AI can offer, from improving efficiency and productivity to gaining a competitive edge....more
Imagine this scenario: A financial institution adopted AI to automate credit decisions, but due to an inadequate governance framework, the system denied loans based on incomplete or biased data. When regulators and customers...more
On September 23, 2024, the U.S. Department of Justice (“DOJ”) released updates to its Evaluation of Corporate Compliance Programs (“ECCP”) guidance. In a move that surprised no one (especially if companies have been reading...more
10/9/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Department of Justice (DOJ) ,
Emerging Technologies ,
Employee Training ,
Enforcement ,
Guidance Update ,
Penalties ,
Policies and Procedures ,
Popular ,
Risk Assessment ,
Risk Mitigation
Join industry experts Allison Spagnolo, Asha Muldro, and Matt Corwin as they dive into the rapidly evolving landscape of AI governance, privacy concerns, and the legal frameworks that are shaping corporate compliance. As AI...more
10/2/2024
/ AI Act ,
Artificial Intelligence ,
California ,
Compliance ,
Corporate Counsel ,
Corporate Governance ,
EU ,
Executive Orders ,
FCC ,
Law Firm Associates ,
Law Firm Partners ,
Legal Technology ,
Privacy Concerns ,
Regulatory Requirements ,
Risk Mitigation ,
Webinars
In July 2024, the Federal Bureau of Investigation and Department of Treasury’s Financial Crime Enforcement Network and Office of Foreign Assets Control (OFAC) released a joint notice discussing how Mexican-based Transnational...more
8/1/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Cartels ,
Compliance ,
Drug Trafficking ,
FinCEN ,
Fraud ,
Hospitality Industry ,
Internal Investigations ,
Jurisdiction ,
Mexico ,
Office of Foreign Assets Control (OFAC) ,
Opioid ,
Personally Identifiable Information ,
Privacy Policy ,
Real Estate Market ,
Regulatory Oversight ,
Timeshare
Clearly defined roles and responsibilities are an essential component of an effective compliance program. Failure to adequately assign responsibility can lead to gaps in compliance coverage and a lack of accountability. ...more
7/19/2023
/ Chief Compliance Officers ,
Chief Information Officers (CIO) ,
Chief Information Security Officer (CISO) ,
Corporate Governance ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Information Management ,
Information Security
Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their...more
1/18/2023
/ Acquisitions ,
Anti-Money Laundering ,
Audits ,
Banks ,
Compliance ,
Consumer Protection Laws ,
Financial Crimes ,
Financial Institutions ,
FinTech ,
Infrastructure ,
Integration ,
Investment ,
Know Your Customers ,
Lending ,
Mergers ,
Penalties ,
Regulatory Standards ,
Risk Assessment ,
Risk Management
Recently, several financial technology (“Fintech”) organizations have applied for – and been granted – banking charter licenses. For example, in May 2019, Grasshopper was approved for a charter issued by the Office of the...more
In 2021, Square, Inc. (“Square”) announced that it had commenced banking operations under its independently governed subsidiary industrial bank, Square Financial Services (“Square Financial”). ...more
1/25/2022
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Access ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Online Platforms ,
Square ,
Startups