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The OCC reports that operational risk is elevated due to cyber threats and complex operations. Compliance risks are also significant, especially in areas like BSA/AML and fraud prevention. External fraud targeting consumers and banks is increasing, requiring strong fraud management practices. Banks should prioritize risk management, maintain sound controls, and educate customers to mitigate these risks.
The PRA’s proposals aim to enhance safety, soundness, and policyholder protection by collecting timely, accurate data on operational incidents. This data will improve monitoring, support industry feedback, and help address vulnerabilities and emerging risks, bolstering operational resilience across the sector.
This paper examines AI's transformative impact on banking and insurance, enhancing efficiency, risk management, and customer experience. It highlights generative AI's unique risks, such as hallucination, while existing frameworks address most AI risks. Key regulatory gaps include governance, model risk management, data governance, and oversight of non-traditional players and third-party providers.
This notice emphasizes the importance of culture risk management in financial institutions. It outlines the responsibilities of senior management and the board in shaping and overseeing the organization's culture. By aligning policies, practices, and behaviors with desired cultural values, financial institutions can mitigate risks.
“In its Opinion EIOPA is calling on the European Commission to take the necessary actions to avoid disproportionate compliance efforts from small insurance undertakings in the transition period prior to the application of the revised Solvency II Directive.”
The FCA encourages firms to assess and implement necessary adjustments to their financial crime systems and controls, which may involve updating internal policies, enhancing monitoring systems, providing training, improving governance, and refining other system components.
The UK introduced a new regulatory framework to manage risks from critical third-party providers (CTPs). CTPs must adhere to strict operational resilience requirements, including governance, risk management, and incident response. This framework aims to ensure the stability of the UK financial system by mitigating potential disruptions caused by CTP failures.
The ECB's 2024-2026 priorities for banks include enhancing resilience against economic and geopolitical shocks, improving governance, and advancing digital transformation. Key focuses are on credit risk management, internal governance, and cybersecurity to ensure stability amid rising uncertainties.
FinCEN (US Treasury Financial Crimes Enforcement Network) warns financial institutions about deepfakes, emphasizing the shift of compliance risks into operational threats affecting finances, operations, and reputation. Firms must adopt tools like metadata analysis and AI to detect fraud. Reframing compliance as operational risk management enhances resilience, aligning compliance with broader strategic and risk mitigation goals.
“As analysts are primary recipients of these reports, we investigate whether and how analyst forecast properties have changed following the provision of Solvency II information. Using a sample of EEA insurers and a difference-in-differences design, we find reductions in analysts’ earnings forecast errors at the consensus and individual levels, as well as a decrease in forecast dispersion.”