According to a 2024 Cybersecurity Benchmarking Survey, 45 percent of surveyed compliance personnel from asset management, investment adviser and private market firms have expressed concerns about how the Securities and Exchange Commission (SEC) will enforce its newly developed cybersecurity rules. The ACA Group and National Society of Compliance Professionals released Read More
In recent times it seems that a corporate scandal is now an everyday occurrence and something which is far too frequent. The causes of a corporate scandal are also far too predictable: failures in corporate governance, poor risk management, compliance failures, unreliable intelligence, inadequate security, insufficient resilience, ineffective controls, and Read More
The European Parliament approved the Artificial Intelligence Act (AIA), a regulation aimed at ensuring safety and compliance with fundamental rights, while boosting innovation within the artificial intelligence (AI) context. AIA, which is set take effect in increments over the next few years, ultimately establishes obligations for AI based on its Read More
The French Data Protection Authority (FDPA) issued a $35 million fine to Amazon for its excessive surveillance of its employees, including the company’s relentless tracking of employee performance and breaks, as well as the implementation of a video monitoring system without informed employee consent. The Commission Nationale de l’informatique et Read More
Starting next week, the state of Ohio will require social media platforms to obtain parental consent before a child under the age of sixteen creates an account on their websites. However, an association by the name of NetChoice is now challenging this law on the belief that it violates the Read More
The Consumer Financial Protection Bureau (CFPB) has issued guidance on legal requirements that lenders must adhere to when using artificial intelligence and other complex models to approve loans. The guidance describes how lenders must provide specific and accurate reasons when taking adverse actions against consumers. “Creditors cannot simply use CFPB Read More
In a first-of-its-kind resolution with the Department of Justice, Google has agreed to reform and upgrade its compliance program in a way that ensures “timely and complete responses” to lawful court orders, including subpoenas and search warrants, the Justice Department announced. “This agreement demonstrates the Department’s resolve in ensuring that Read More
The Securities and Exchange Commission announced that it has reopened the public comment periods for 11 rulemaking releases and one request for comment due to a technological error resulting in numerous public comments submitted through the agency’s online comment form not being received. The SEC advised that all those who Read More
Britain’s Information Commissioner’s Office fined Clearview AI, a New York-based facial recognition company, 7.5 million pounds ($9.5 million) for misusing images of people in the United Kingdom and elsewhere that it collected from the Internet and social media sites to create a global online database used for facial recognition. The Read More
During a hearing before the House Financial Services Committee Task Force on Artificial Intelligence, Kevin Greenfield, deputy comptroller for operational risk policy at the Office of the Comptroller of the Currency, stressed the need for stepped up risk management when banks use AI. He also said the OCC will be Read More
