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AI Risk & Governance
Reporting on regulatory approaches, ethical considerations, and risk management for AI technologies deployed in financial services and markets.
AI Risk & Governance
South Korea Passed Law to Establish Regulatory Framework for AI
By Manesh Samtani | 28/12/2024
The passage of the AI Basic Act makes Korea just the second jurisdiction in the world after the EU to establish a comprehensive legal framework specifically governing AI
AI Risk & Governance
HKMA’s Carmen Chu Urges Banks to ‘Embrace the Opportunities’ of GenAI
By Sanday Chongo Kabange | 22/12/2024
HKMA’s Carmen Chu said banks should foster a culture of “continuous learning” within their institutions and experiment with HKUST’s InvestLM GenAI Platform.
AI Risk & Governance
US Treasury Reports on Findings from Artificial Intelligence RFI
By Manesh Samtani | 20/12/2024
The report outlines key recommendations based on the responses to the RFI and next steps to be considered by policymakers and FIs.
AI Risk & Governance
HKMA Announces First Batch of GenAI Sandbox Participants
By Sanday Chongo Kabange | 20/12/2024
15 use cases from 10 banks and 4 technology partners were selected. Technical trials will commence in early 2025.
AI Risk & Governance
Singapore, Australia Sign MOU to Expand Cooperation on AI
By Editors | 18/12/2024
Singapore’s Josephine Teo said the MOU opens new doors for AI collaboration across research institutes, businesses and government.
Model Risk
Model Risk Management at Japan Banks Gaining Sophistication: FSA
By Manesh Samtani | 15/12/2024
The FSA says FIs should continue refining their model risk management frameworks, prioritising AI-specific models.
AI Risk & Governance
FSC Korea to Build Platform to Enable FIs to Use Open Source AI
By Manesh Samtani | 13/12/2024
The FSC said it will build a platform that provides open source AI models and data with performance and safety suitable for the financial sector.
Fraud, Scams & Cybercrime
Google and Swift Collaborate to Combat Payments Fraud
By Thisanka Siripala | 13/12/2024
The initiative follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East.
AI Risk & Governance
FSS Korea Implements Broad Organisational Reforms
By Editors | 12/12/2024
The FSS has reappointed 74 out of 75 department heads to “promote innovative thinking and work innovation”.
AI Risk & Governance
RBI to Form Dedicated Committee to Develop Framework for AI
By Editors | 11/12/2024
The committee of experts shall recommend a “robust, comprehensive, and adaptable AI framework” for the financial sector, the RBI said.
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