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"... I consider the effectiveness of the Compliance role within the organisational structure and how far the demarcation of the function and its assigned duties are achieving an enterprise-wide culture of good governance and compliance. I posit that, although the delineation of clear responsibilities is important, the benefits of ostensible independence brought about by the departmentalisation of compliance may not be the definite answer to the complex, if not esoteric, challenges faced by organisations in matters of compliance."
"This paper extends the traditional multi-state models to include epidemic effects."
"... we propose a reverse stress testing framework for dynamic models. Specifically, we consider a compound Poisson process over a finite time horizon and stresses composed of expected values of functions applied to the process at the terminal time. We then define the stressed model as the probability measure under which the process satisfies the constraints and which minimizes the KullbackLeibler divergence to the reference compound Poisson model."
"We believe our paper adds to the important body of cybersecurity literature that explores the roles of government and business, particularly corporate directors, in the governance of data security."
"When developing large-sample statistical inference for quantiles, also known as Values-at-Risk in finance and insurance, the usual approach is to convert the task into sums of random variables. The conversion procedure requires that the underlying cumulative distribution function (cdf) would have a probability density function (pdf), plus some minor additional assumptions on the pdf. In view of this, and in conjunction with the classical continuous-mapping theorem, researchers also tend to impose the same pdf-based assumptions when investigating (functionals of) integrals of the quantiles, which are natural ingredients of many risk measures in finance and insurance. Interestingly, the pdf-based assumptions are not needed when working with integrals of quantiles, and in this paper we explain and illustrate this remarkable phenomenon."
"The unacceptable risks are those that are deemed to contravene Union values, and they are therefore considered as “prohibited AI practices” by Article 5 AIA. The proposed prohibition covers four categories: 1) AI systems deploying subliminal techniques, 2) AI practices exploiting vulnerabilities, 3) social scoring systems, and 4) “real-time” remote biometric identification systems. "
"... supply chain network features add significant detection power to predicting enterprise cyber risk, relative to merely using enterprise-only attributes. Particularly, compared to a base model that relies only on internal enterprise features... Given that each cyber data breach is a low probability high impact risk event, these improvements in the prediction power have significant value."
"We propose a new conceptual framework grouping government interventions into three dimensions: regulation of risky activity, public investment in risk reduction, and co-insurance."
"As businesses improved their resilience, cybercriminals adapted and ransoms escalated, calling insurability into question. Yet there remains little appetite for imposing restrictive conditionality in this highly competitive market. Instead, insurers have turned to governments to contain criminal threats and cushion catastrophic losses."
"We find that sustainable funds are less exposed to transition risk and perform better than the overall fund sector in the low-carbon transition, validating their choice as green investments."