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POLITICAL AGREEMENT ON ARTIFICIAL INTELLIGENCE ACT

10 December 2023
Knowledge Base



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The Commission welcomes the political agreement reached between the European
Parliament and the Council on the Artificial Intelligence Act (AI Act), proposed
by the Commission in April 2021. Ursula von der Leyen, President of the European
Commission, said: “Artificial intelligence is already changing our everyday
lives. And this is just the beginning. Used wisely and widely, AI promises huge
benefits to our economy and society. Therefore, I very much welcome today’s
political agreement by the European Parliament and the Council on the Artificial
Intelligence Act. The EU’s AI Act is the first-ever comprehensive legal
framework on Artificial Intelligence worldwide. So, this is a historic moment.
The AI Act transposes European values to a new era. By focusing regulation on
identifiable risks, today’s agreement will foster responsible innovation in
Europe. By guaranteeing the safety and fundamental rights of people and
businesses, it will support the development, deployment and take-up of
trustworthy AI in the EU. Our AI Act will make a substantial contribution to the
development of global rules and principles for human-centric AI.” Continue
reading…

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24TH EU-CHINA SUMMIT

08 December 2023
Knowledge Base



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The European Union and China held their 24th Summit in Beijing on 7 December
2023. President of the European Council, Charles Michel, and President of the
European Commission, Ursula von der Leyen, met with China’s President, Xi
Jinping, followed by an exchange with China’s Premier, Li Qiang. The Summit was
an opportunity to engage with China following a period of intensified bilateral
contacts and dialogues. High-level visits and dialogues on strategic and foreign
policy issues, human rights as well as trade and economy, climate, and
environment, digital have paved the way for the Summit, demonstrating the EU’s
commitment to engage with China. The EU highlighted the need for concrete
progress following these discussions. Continue reading…

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Photo: Klaas Knot


THE RECENT FINANCIAL TUMULT: LESSONS AND RESPONSES

07 December 2023
Knowledge Base



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by Klaas Knot

As many of you know, I am a General Board member of the European Systemic Risk
Board (ESRB). In that capacity, I contribute to, and follow the work of the ESRB
closely. But today, I will be speaking as chair of the Financial Stability
Board. And so, I wanted to begin by highlighting a few similarities between
these two important international bodies. Both the ESRB and the FSB were created
after the 2008 global financial crisis (GFC). The former under the EU, the
latter under the G20. Those of you who have been involved in one of our
committees such as the ESRB’s ATC [*1] or the FSB’s SRC [*2] will know that we
share a love for acronyms. But, of course, we have something far more
fundamental in common. We both monitor vulnerabilities in the financial system.
We make policy recommendations to address them and we look at how these
recommendations are implemented.
Continue reading…

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ED FENNE AND MARION WEITERING: WHAT DOES THE HOUSE FOR WHISTLEBLOWERS DO?

06 December 2023
Knowledge Base



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by Michel Klompmaker

On 7 November 2023, the Serious Whistleblowing Annual Conference took take place
at the Hague University of Applied Sciences in the Hague, Netherlands. The EU
Whistleblower Directive has been implemented in the Whistleblowers Protection
Act. Employers have set up their internal procedures or are busy doing so. What
is of great importance for the professionals in the field is the following: (I)
receiving notifications securely, (ii) protecting the reporter, (iii)
investigations into reported abuses, (iv) handling and measures, and (v) legal
proceedings. This is part one in a series of four articles on the event. 
Continue reading…

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Photo: Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank


POLICY-MAKING UNDER UNCERTAINTY : THE IMPORTANCE OF MAINTAINING A MEDIUM-TERM
ORIENTATION

05 December 2023
Knowledge Base



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Thomas Jordan

I would especially like to thank our colleagues at the Bank for International
Settlements and the Federal Reserve Board for working together with us in
organising this event. The topic of this year’s conference – policy-making under
uncertainty – is highly relevant. There is, for instance, substantial
uncertainty regarding the impact of accumulated monetary tightening on future
inflation. There is also high uncertainty about how the current geopolitical
tensions will affect the global economy. Continue reading…

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TOP FOUR COMPLIANCE TRENDS TO WATCH IN 2024

04 December 2023
Knowledge Base



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by Robert Houghton

As financial institutions gear up for the next 12 months, it’s time to reflect
on the key trends and developments, considering how they’ll shape the year
ahead. While the financial landscape is constantly evolving, we believe there
are four important issues that will shape 2024: Continue reading…

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Photo: Janez Lenarčič,


EUROPE AND CANADA HAVE AGREED TO ENHANCING TIES IN CIVIL PROTECTION AND DISASTER
RISK MANAGEMENT

01 December 2023


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During the EU-Canada Summit, Commission President Ursula von der Leyen and Prime
Minister of Canada Justin Trudeau endorsed an Administrative Arrangement
allowing closer cooperation on disaster response and emergency management. The
EU and Canada will also share best practices to enhance prevention,
preparedness, and coordination on natural and human-induced disasters including
in third countries. In addition, the European Commission will finance the
purchase 12 new Canadian built planes (Canadair) to increase the aerial
firefighting capacity of the EU Civil Protection Mechanism strategic reserve
(‘rescEU’). EU Member States have also ordered a further 12 planes.
Continue reading…

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AJAY KATARA

Consulting Partner and Head the RegTech Portfolio in Banking Risk Management
area at Tata Consultancy Services (TCS)



GEN AI USE CASES IN RISK AND COMPLIANCE

30 November 2023
Knowledge Base


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Generative Artificial Intelligence or Gen AI as it is popularly called has
recently emerged as a technology enabler which is seeing a lot of use cases
across the banking industry. Currently, many banks are trying to experiment with
this new tool and understand amendable areas that can benefit from this
technological intervention. Adoption patterns currently indicate that many banks
and financial institutions are starting small with internal use cases to
understand and analyse the efficacy of this intervention. Within the banking
sector, Gen AI has a lot of applications in the risk and compliance value chain
across areas of Risk Identification, Risk Assessment, Risk Monitoring and Risk
Reporting. As per industry estimates, market size is expected to grow at a CAGR
of 34% (approx.) in risk and compliance management. Given the focus of
regulatory scrutiny on the adoption of Gen AI in the risk and compliance
function, currently the initial set of use cases are more focused on augmenting
the existing functions rather than fully automating them, hence the adoption of
Gen AI is slowly but steadily progressing. Integration of Gen AI with the
existing RegTech tools can yield a lot of benefits in terms of improved
automation and cost savings which will make the current processes more efficient
and also enable near real time decision making as well in certain risk and
compliance functions. Continue reading…

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FIRST EUROPEAN HYDROGEN BANK AUCTION WITH €800 MILLION OF SUBSIDIES FOR
RENEWABLE HYDROGEN PRODUCTION

29 November 2023


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The Commission launched the first auction under the European Hydrogen Bank to
support the production of renewable hydrogen in Europe, with an initial €800
million of emissions trading revenues, channelled through the Innovation Fund.
Producers of renewable hydrogen can bid for support in the form of a fixed
premium per kilogram of hydrogen produced. The premium is intended to bridge the
gap between the price of production and the price consumers are currently
willing to pay, in a market where non-renewable hydrogen is still cheaper to
produce. The Hydrogen Bank complements other policy tools to build a market for
renewable hydrogen, stimulate investments in the production capacity, and bring
production to scale. Renewable hydrogen has a critical role to play in Europe’s
future energy mix, in particular for the decarbonisation of heavy industry and
some transport sectors, replacing fossil fuels. By enabling a faster rollout of
innovative hydrogen technologies the pilot auction will contribute to the
REPowerEU Plan goal to produce 10 million tonnes of hydrogen domestically by
2030.
Continue reading…

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THE ADOPTION OF POR AND PSMOR

28 November 2023
Knowledge Base



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This article provides information on the Basel Committee’s assessment of the
adoption of the Principles for Operational Resilience and the revised Principles
for the Sound Management of Operational Risk. The Committee believes the
information provided may be useful for both supervisors and banks in their
day-to-day activities. This document is for informational purposes only and does
not constitute new supervisory guidance or expectations. The Committee assessed
the adoption of the Principles for Operational Resilience (POR) and the revised
Principles for the Sound Management of Operational Risk (PSMOR, or collectively,
“the Principles”) published in March 2021. The assessment is meant to promote
the adequate and timely adoption of the Principles. The assessment found that
the effectiveness and maturity of POR and PSMOR adoption vary across banks and
jurisdictions. Continue reading…

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WHITEPAPERS

 * 1
   
   How to find the right whistleblowing solution for your organisation
   
   The message is clear: organisations must be held accountable for their social
   and environmental footprint. Therefore, it’s inevitable that speaking up
   becomes the next social…
   
   
   
   Download whitepaper
   
 * 2Risk in Focus 2024
   
   Economic uncertainty has driven the perfect storm of interlocking risks
   described in last year’s Risk in Focus in new directions in 2023.
   Organisations are now…
   
   
   
   Download whitepaper
   

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RISKCOMPLIANCETV




EVENTS

14 Mar
Chief Litigation Officer Summit The Las Colinas Resort, USA




11 Apr
European Corporate Counsel Summit 2024 Fairmont Le Montreux Palace, Switzerland




11 Apr
IP Law Europe Summit 2024 Fairmont Le Montreux Palace, Switzerland




21 Oct
Sibos 2024 China National Convention Centre, China





OUR BLOGGERS

 * Lieve LowetEU Affairs consultant and lobbyist
   
 * Elina Karpacheva Chair of the European Compliance Centre based in Sofia,
   Bulgaria
   
 * Ahsan HabibSenior Analyst, AML Operations
   
 * Michael AmadoLawyer in Paris / Lawyer in Canada
   
 * Alex MovchanAlex Movchan CIA CICA CFE is the President of the Institute for
   Internal Controls - Central and Eastern Europe
   
 * Elena PykhovaElena Pykhova is a thought leader, influencer and founder of a
   think tank, Best Practice Operational Risk Forum.
   
 * Daniel VaknineCEO and Partner of Visslan
   
 * Nancy MehradAuthor and the CEO and Founder of Registrant Law Professional
   Corporation
   
 * Ajay KataraConsulting Partner and Head the RegTech Portfolio in Banking Risk
   Management area at Tata Consultancy Services (TCS)
   



EDUCATIONS


RISK & COMPLIANCE SUMMER SCHOOL 2023, COMPLIANCE MANAGEMENT AND REGAINING TRUST


Date:06-07-2023
Time:09.30 hours - 17.00 hours
Days:2 days





The Summer School in Amsterdam is a unique training organised by Risk &
Compliance Platform Europe on Compliance Management and Regaining Trust.
Benefits Risk & Compliance…



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JOBS




(SENIOR) RISK REPORTING OFFICER – EUROPEAN INVESTMENT BANK


19-04-2022




The EIB, the European Union’s bank, is seeking to recruit for its Group Risk &
Compliance Directorate – Regulation and EIB Group Risk Department –…



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BOOKS




ECONOMIC CRIME: FROM CONCEPTION TO RESPONSE

Language:English
ISBN:9780367533878
Price:£32.99




This book is the first attempt to establish ‘economic crime’ as a new
sub-discipline within criminology. Fraud, corruption, bribery, money laundering,
price-fixing cartels and intellectual…





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