Revisiting Financial Institution Incentive Compensation Rules Under Dodd-Frank — The Consumer Finance Podcast
CISOs, compliance officers, corporate boards, and other senior executives are quick to worry these days about the risks of artificial intelligence – but fear not! Some of the brightest minds in technology have built a tool to...more
Following the publication of the European Union’s Artificial Intelligence Act (AI Act or Act) on 12 July 2024, there are now a series of steps that various EU bodies need to take towards implementation. One of the first key...more
One of our recent posts discussed the uptick in AI risks reported in SEC filings, as analyzed by Arize AI. There, we highlighted the importance of strong governance for mitigating some of these risks, but we didn’t address...more
A recent Forbes article summarizes a potentially problematic aspect of AI which highlights the importance of governance and the quality of data when training AI models. It is called “model collapse.” It turns out that over...more
Colorado became the first U.S. state to pass a law protecting consumers from harm when using artificial intelligence (AI). Senate Bill 24-205 on Consumer Protections for Artificial Intelligence was passed on May 17, 2024. The...more
Having “rescued” dozens of Enterprise Resource Planning (ERP) implementations, what we see as the absolute key to success is the selection and management of your System Implementer (SI). We call them rescues because without...more
A recent Executive Order from the Biden administration noted the “promise and peril” of artificial intelligence (AI). For instance, AI has the potential to transform the workplace in unprecedented ways. Its capabilities range...more
On June 24, 2024, the SEC issued five new Compliance & Disclosure Interpretations (C&DIs) relating to the materiality assessment and disclosure requirements of material cybersecurity incidents under Item 1.05 of Form 8-K....more
On March 6, 2024, the Securities and Exchange Commission (the “SEC”) adopted final climate disclosure rules (the “Final Rules”)1 to take effect as early as the beginning of the 2025 fiscal year. On April 4, 2024, the SEC...more
Get Ahead of the Curve and Prepare for the January 2025 Digital Operation Resilience Act Compliance Deadline with Confidence. The financial sector is no stranger to regulations aimed at enhancing operational resilience...more
...As the world grapples with the rapid advancement of artificial intelligence (AI) technologies, concerns about the potential risks and unintended consequences have understandably taken center stage. While some advocate for...more
In this episode of The Consumer Finance Podcast, Chris Willis delves into the renewed focus on incentive compensation by federal financial regulators. Joined by colleagues Sheri Adler and Jina Davidovich from the Employee...more
As artificial intelligence (AI) continues to advance rapidly, organizations of all types are seeking to deploy this powerful tool to increase the effectiveness and efficiency of their operations, improve service to their...more
Key Points - Colorado's new Al law creates new obligations for developers and deployers of high-risk artificial intelligence (Al) systems. Similar to the EU Al Act, the law is risk-based and defines a "high-risk" Al system as...more
Colorado became the first state to comprehensively address artificial intelligence (“AI”), passing Senate Bill 24-205, or the Colorado Artificial Intelligence Act, on May 17, 2024 (“Act”). The Act establishes the nation’s...more
Marking the first effort to establish an artificial intelligence (“AI”) governance structure for the federal government, the AI Memorandum contains requirements and recommendations for federal agencies’ AI use that...more
The SEC’s new and proposed rules on cybersecurity and cyber-incident reporting will have a dual impact on private investment advisers and funds. First, the proposal by the SEC will impose cybersecurity related...more
The Office of Management and Budget (OMB), part of the Executive Office of the President, recently issued a memorandum (the Memorandum) containing requirements and recommendations for executive agencies regarding those...more
As we prepare for the rise of the machines and Skynet’s inevitable takeover of the world, this past week highlighted perhaps a more troubling trend for companies to navigate in the coming months and years—the rise of...more
Analyzing the Trends in Misinformation, Technological Advances, Cyber Insecurity, and Interconnected Risks in the 2024 Global Risks Report. The World Economic Forum recently released its 2024 Global Risks Report, an...more
In 2024, the cybersecurity landscape is poised for remarkable transformations and formidable challenges, and artificial intelligence (AI) is redefining the way we defend against cyber threats, with its prevalence in...more
On December 8, 2023, European Union (EU) lawmakers reached an agreement on the EU’s AI Act. The EU AI Act has many similar themes to the EU’s General Data Protection Regulation (GDPR) and reflects a big step forward in the...more
Elevate your resilience in the new year by understanding top GRC trends, patterns, and best practices across AI, TPRM, cyber risk, and more. As we step into 2024, technological advancements and an increasingly connected —...more
As we head into year-end, annual reporting season for FPIs is just around the corner. FPIs are required to file an annual report on Form 20-F with the SEC within four months after the end of their fiscal year (or until April...more
SS1/23 brought DQMs and Non-Models into banks’ prevue and set a timeline on model risk management (MRM) compliance for May 2024. Are you ready? The PRA’s recent supervisory statement (SS)1/23 has made some significant...more