AI Risk & Governance

AI Risk & Governance

Korea: FSC Chairman Pledges Support for AI Initiatives

By Editors | 28/08/2024

Kim Byoung-hwan said regulations will be relaxed to ensure the financial sector leads Korea’s push to become a top-three global leader in AI.

Operational Risk

OJK Indonesia Launches Digital Resilience Guide for Banks

By Nithya Subramanian | 26/08/2024

The guide addresses key aspects of business continuity, disruption management, and consumer protection in the evolving digital landscape.

Payments & Settlements

BSP, NBC to Cooperate on Payment System Connectivity, Digital Finance

By Sanday Chongo Kabange | 22/08/2024

The central banks will collaborate on payment connectivity, digital finance innovation, AI, cyber security, and sustainable finance.

AI Risk & Governance

Australia Introduces Policy for Responsible AI Use in Government

By Ranamita Chakraborty | 21/08/2024

The government will issue a standard for AI transparency statements and further guidance on additional measures over the coming months.

AI Risk & Governance

Singapore Financial Industry Bodies Sign MOU on Skills Development

By Editors | 21/08/2024

Seven associations including IMAS and ABS signed an MOU with IBF and NTUC to promote the adoption of Financial Sector Job Transformation Maps.

Anti-Money Laundering

Banks Exercise Caution in Transition to AI-Based AML Systems

By Bradley Maclean | 20/08/2024

Participants at a recent Regulation Asia roundtable in Hong Kong expressed caution, but also optimism, about the use of AI for AML purposes.

Cybersecurity

Malaysia’s SC Implements Revised Technology Risk Management Rules

By Nithya Subramanian | 20/08/2024

The revised guidelines include new requirements on reporting to the SC, performing cyber security assessments, and conducting penetration testing.

AI Risk & Governance

MIT Researchers Create World’s First Catalogue of AI Risks

By Ranamita Chakraborty | 20/08/2024

The AI Risk Repository reveals that only 10% of AI risks are detected before deployment, underlining the importance of post-launch monitoring.

AI Risk & Governance

HKMA Issues Guidance for Banks on Using Generative AI

By Sanday Chongo Kabange | 20/08/2024

The HKMA encourages banks to proactively explore the use of GenAI to enhance consumer protection and better tailor products to individual customers.