AI Risk & Governance

AI Risk & Governance

Korea: FSS Enhances Supervision with Artificial Intelligence

By Editors | 09/04/2020

The FSS has been applying AI to monitor insurance telemarketing, loan collections and online advertising, as well as to analyse complaints and PE fund reports.

Cloud & Infrastructure

MAS Unveils Support Package to Bolster Financial Sector Capabilities

By Editors | 08/04/2020

The package includes training allowances, IBF course subsidies, salary support, digital acceleration grants, and free access to API Exchange.

KYC & CDD

The Four e-KYC Models Around the World

By Claus Christensen | 05/04/2020

Claus Christensen at Know Your Customer Ltd identifies four e-KYC models in use across the world, but says that harmonisation and consolidation of these schemes is likely.

Data Privacy

Singapore, Australia Agree to Promote Data Connectivity, Digital Economy

By Editors | 23/03/2020

Singapore and Australia have committed to allowing financial institutions to choose where their data is stored and prohibiting data localisation, among a raft of other agreements.

Credit Risk

FSC Korea Authorises KODIT to Develop New Credit Scoring System

By Editors | 20/03/2020

The new system will use non-financial and transaction information of SMEs and small merchants to generate credit scores, improving their ability to obtain financing and credit guarantees.

Operational Risk

Singapore Banking Heads Discuss Independent Validation Function

By Shierly Mondianti | 17/03/2020

PwC spoke to DBS’s Sia Nam Chie and OCBC’s Simon Lavender about the challenges they faced setting up the independent validation function for BCBS 239 compliance.

Trading & Investment

ASIC Directs Equity Market Participants to Limit Trading

By Editors | 16/03/2020

The move is a response to a particularly large increase in trades executed on Friday, largely attributable to algorithmic and high frequency trading.

AI Risk & Governance

Wolters Kluwer, PwC Complete PoC Using AI in Regulatory Reporting

By Editors | 15/03/2020

After minutes of training, algorithms were able to use 250,000 records of previously unseen raw data to predict regulatory reporting output with degrees of accuracy exceeding 99%.

AI Risk & Governance

AI’s ‘Black Box’ Issues Can Be Addressed Through Regulation

By Editors | 12/03/2020

A new paper develops a regulatory roadmap for addressing the increasing role of AI in finance, focusing on human involvement to deal with ‘black box’ issues.