Companies worldwide are adopting and implementing AI in solutions that are reshaping industries through improved efficiency, productivity and decision-making. However, the meteoric rise of AI can overshadow some valid concerns around security and privacy.
Artificial Intelligence (AI) needs no introduction, having managed to rapidly creep into all aspects of life. While in business, AI is creating a plethora of new potential opportunities and efficiencies, it is also presenting new challenges, including in the area of cybersecurity. So how exactly has AI impacted cybersecurity and what are the key risks that can be identified in its present form?
It was broadly agreed that the implementation of the IAF will provide clarity of responsibilities, which will underpin sound governance across the financial sector, enhancing the culture of accountability in firms, and bringing clarity to individuals in respect of the standards of conduct they are expected to meet.
Throughout the past number of years, Ireland has become an increasingly attractive market for international players seeking to acquire new businesses. The strength of the Irish economy combined with historically relatively inexpensive debt has enabled shareholders of domestic businesses to capitalise on opportunities for growth.
When designing a fit-for-purpose governance model, trust and transparency are the keys to success. Strong governance practices must permeate the culture of the organisation, and employees at all levels should play a role in a executing a lived governance model that helps the company thrive.
The Individual Accountability Framework (IAF) impacts all Regulated Financial Services Providers (RFSPs) and individuals who perform controlled functions (CFs) on their behalf. Certain RFSPs (including most credit institutions, insurance firms and MiFID firms) are additionally in scope for the Senior Executive Accountability Regime (SEAR).
Businesses often find it difficult to embrace iterative ways of working without losing the broader vision during the process of making incremental changes. Agile project management can help.
This ECB paper is relevant to banks with derivatives and trading books; it explores the operational aspects and hidden costs associated with the wind-down of a bank’s trading book. An orderly wind-down of a trading book may be a recovery option or an element of a bank’s preferred resolution strategy. This paper details principles of ECB’s supervisory expectations with respect to both recovery and resolution planning.
As a result of Brexit, and particularly following the introduction of the UK’s Financial Services and Markets Act, there is a potential for increasing divergence between EU and UK financial services regulation.
On 30 January, the Central Bank published Guidance for (Re)insurance Undertakings on Intragroup Transactions and Exposures following a consultation that ended in September 2022.
Green House Gas (GHG) emissions are classified into categories of Scope 1, Scope 2 or Scope 3. This is a way of grouping emissions between those created by the company and those created by its wider value chain.
The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
The world of work is evolving quickly; finance departments are increasingly facing competing priorities; and the roles of finance leaders are expanding rapidly.
The European Financial Reporting Advisory Group (“EFRAG”) submitted to the European Commission its technical advice on the first set (“set 1”) of draft European Sustainability Reporting Standards (“ESRSs”) on the 22 November 2022. This included 2 “cross cutting” ESRSs (General Requirements and General Disclosures) and 10 “topical” standards across Environmental, Social and Governance topics.
Why the ECB and EIOPA Are Exploring Actions to Reduce the Climate Insurance Protection Gap
Creating and implementing watertight Know Your Customer (KYC) procedures can be problematic for many organisations since the process remains a people-driven, manual operation.
