Data privacy
Banks must loosen up on ChatGPT use – risk chiefs
Risk Live: ’Shadow use’ and inability to attract new hires mean restricting access to GPTs is untenable
Op risk data: Morgan Stanley clocked in block trading shock
Also: HSBC deposit guarantee gaffe; Caixa hack cracked; reg fine insult to cyber crime injury. Data by ORX News
FRTB managers face hard facts about risk factors
There are ways to reduce the capital charges caused by NMRFs, but they come at a price
Maximum insecurity: banks tool up to meet cyber threat
Lenders confront “existential” threat of data leaks with bigger teams and better controls
Citi cyber chief says AI providing new weapons in hacking wars
Barron-DiCamillo also urges regulators to work with industry best practice, not against it
The regulator that troubleshoots first, asks questions later
Canada’s bank watchdog aims to intervene early to tackle burgeoning risks, even at the expense of “perfect” regulatory decisions
Hurdles to cross-border data sharing impede AML fight
Expansion of national initiatives hampered by data-privacy and information-security fears
Top 10 operational risks for 2023
The biggest op risks for the year ahead, as chosen by senior industry practitioners
Op risk data: Dodgy tax practices cost Credit Suisse €240m
Also: Binance blockchain hack; ING’s Polish AML fail. Data by ORX News
Shell-company registry might not halt US dirty money, say experts
Observers raise questions over verifying beneficial owner info on proposed FinCEN database
Bank consortium seeks to cure post-trade data ills
Project led by Societe Generale uses privacy-enhancing technologies to tackle data management problems
New China data law threatens KYC efforts
Local banks will need permission to export any data that could end up in the hands of foreign law enforcement bodies
Quants turn to machine learning to unlock private data
Replication could allow financial firms to use – and monetise – data that was previously off-limits
Top 10 operational risks for 2021
The biggest op risks for the year ahead, as chosen by senior industry practitioners
Esma calls for full audits of cloud providers
Regulator says firms must negotiate access rights to books and premises of providers
To model the real world, quants turn to synthetic data
Future financial models will be built using artificially generated data
Top 10 op risks 2020: regulatory risk
New technology and reams of red tape make non-compliance fines more likely
Adapting to technological change in op risk management
Baker McKenzie‘s Jonathan Peddie explains how the role of operational risk manager has evolved in recent years, how financial firms are managing increasing demand for data privacy and transparency, and how technological advancements over the coming…
The problem with GRC
Boards may care more about products and profits than governance, risk and compliance (GRC). But without an effective GRC programme, the fun soon stops when trouble calls, says Michael Gibbs, chief executive of SureStep Risk + Analytics
At bounding MarketAxess platform, a new CRO parses risk
Clarity and communication are basics to Oliver Huggins at one of the biggest US bond platforms
Life’s a breach: banks settle uncomfortably into GDPR
A year into exacting data privacy regulation, ramifications are becoming more tangible