by Ajay Katara

Large financial institutions (LFI), defined as firms with $100 billion or more in assets, are supervised to enhance their resilience and reduce the likelihood of failure. This oversight also aims to limit the broader economic and financial system impact if such a firm experiences failure or significant weakness. Large banking organisations are classified into four categories, each with distinct regulatory requirements. Continue reading…

The Financial Stability Board (FSB) has on 14 November published The Financial Stability Implications of Artificial Intelligence, a report outlining recent developments in the adoption of artificial intelligence (AI) in finance and their potential implications for financial stability. Widespread adoption and more diverse use cases of AI have prompted the FSB to revisit its 2017 report on AI and machine learning in financial services. Financial firms currently use AI mainly to enhance internal operations and improve regulatory compliance, but generative AI (GenAI) and large language models have given rise to new use cases, such as document summarisation, information retrieval, and code generation. Continue reading…

Lidl Ireland has launched its Eastern European Week on 29th August, offering a selection of authentic Ukrainian food and drink products for the first time in stores across the country. This new initiative follows the success of Lidl’s renowned “Tastes of the World” campaigns, which have previously featured popular themes such as Italiamo, Vitasio – Japanese Style, and Eridanous – Greek Style. Continue reading…

by David Salloum

The EU AI Act, which came into force on 1 August 2024, is a significant legislative development for financial institutions (FIs). With provisions starting to apply over a period of six to 36 months, most of the Act’s rules will be enforceable after two years. And it has major implications, especially for FIs using high-risk AI systems like credit scoring models and risk assessment tools. AI’s potential in trade finance, risk management and in the fight against financial crime is vast. However, effective regulation is needed to ensure trust and safeguard fundamental rights. The EU AI Act is a key step in this direction, ensuring AI evolves safely and ethically.  Continue reading…

by Nadir Izrael

The 2024 Paris Olympics promises to be a spectacle of athletic prowess and global unity. Millions of fans will travel to France or be glued to their screens to witness the Olympics this Summer. In fact, it’s expected that one billion people around the world1 will watch the opening ceremony alone. Despite the excitement, however, a growing threat to the Games lurks in the shadows: cyberwarfare. It’s a growing fear of many, with 53% of global IT decision-makers2 concerned about its impact. In the context of the Olympics, the director general of ANSSI, France’s cybersecurity agency3, believes, “The Games are facing an unprecedented level of threat.” A large part of that threat is cyberwarfare. Continue reading…

On 1 August, the European Artificial Intelligence Act (AI Act), the world’s first comprehensive regulation on artificial intelligence, entered into force. The AI Act is designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people’s fundamental rights. The regulation aims to establish a harmonised internal market for AI in the EU, encouraging the uptake of this technology and creating a supportive environment for innovation and investment. Continue reading…

by Hans Timmerman

The information balance between governments/organizations and their citizens/customers has become increasingly skewed over the past decades. Political motives and resulting legislation compel executing organizations to collect excessive amounts of data about their citizens or customers. Meanwhile, privacy laws simultaneously restrict how they can use this collected data. Without explicit consent from the citizen or customer, the use of this data is minimal. This leads to significant excesses and/or inefficiencies, as seen in the benefits scandal and now with the implementation of the Wwft (the law to prevent money laundering and the financing of terrorism). In both cases, the political efforts to prevent fraud and terrorism have gone so far that executing organizations are effectively forced to trample basic human rights. That this leads to mishaps and excesses is understandable. How can we restore this balance? Continue reading…

by Daoud Abdel Hadi

When AI entered the mainstream, it instilled a sense of panic in many people. It was seen as a threat that would replace humans across the working world. Given the speed at which AI is advancing, and the emergence of technologies such as ChatGPT, this fear may seem reasonable. But over time, we’ve started to see AI as a helpful tool, not a replacement for humans. And just like any other tool, it can be used for good or bad. As a result, the real threat AI poses is not mass redundancies. It’s the pace at which malicious actors have exploited it to commit crime. To respond effectively, financial institutions need to fight fire with fire, using AI to limit the ability of lawbreakers to get away with their crimes. In doing so, it’s essential to balance the analytical prowess of AI and the nuanced understanding of humans. So what does this collaboration look like? Continue reading…

by Hans Timmerman

My first book in 1982 was about robots. About the robots entering the factory. How they could take over heavy and monotonous work in the factory as flexible, mechanical machines. Besides the interested companies for this industrial automation, the study also attracted the attention of journalists who were eager to hear when this type of robots would also start supporting us at home. At that time, however, the home robot was still a dream of the future. But with Apple’s announcement in recent weeks, it seems that future has come much closer. Over the past decades, robotic technology has become available in and around the home: robot mowers and vacuums that quietly and independently take over this boring work from us. Or the pet-like home robots like Amazon’s Astro, which can also watch over and guard the house when you’re away, or Sony’s robot dog Aibo. Finally, the serving robots that we see appearing in more and more hospitality establishments. The idea of robots in our homes and the service sector is not new. But with the advent of new AI speech capabilities, entirely new human communication and usage possibilities emerge. What can we expect in the coming years? Continue reading…

by Daoud Abdel Hadi

It’s a new world – defined by rapid technological advancements, and witnessing more organisations embracing AI. To navigate this ever changing landscape, it is essential that regulators recognise traditional governance principles no longer suffice. In fact, relying on these outdated principles could result in more harm than good. Regulators must begin to use the power of AI to modernise their approach and promote responsible innovation. As the world turns, it’s essential for regulators to foster an ecosystem that integrates AI effectively and protects individuals at the same time. Continue reading…