The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems. The advantages of using Azure GPT-4-32k includes: Context Size: Available in 128K context and 32K context variants. Larger context size, better suited […]
Posts Tagged ‘Regulatory Risk and Compliance in Financial Services’
OCC Comptroller Offers Regulatory Guidance Toward AI
On June 6, Acting Comptroller of the Currency, Michael J. Hsu, addressed the 2024 Conference on Artificial Intelligence (AI) and Financial Stability, providing critical regulatory insights on AI. Hsu discussed the systemic risk implications of AI in banking and finance using a “tool or weapon” approach. He noted that while both tools and weapons pose […]
3 Key Takeaways from XLoD 2024
Our risk and regulatory compliance experts, Carl Aridas and Chandni Patel, have just returned from XLoD 2024 in New York. The event brought together the world’s top financial institutions and regulators to discuss the future of non-financial risk and control. With over 500 industry professionals in attendance, it showcased the unwavering commitment to practical innovation […]
Azure GPT-4 Analysis of the New CRA: Part 2
The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems. The advantages of using Azure GPT-4-32k includes: Context Size: Available in 128K context and 32K context variants. Larger context size, better […]
The FDIC’s New Rule Claims “Five is Enough”
Starting April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented a new rule for trust account insurance coverage. This rule, originally passed in January 2022, consolidates insurance coverage for different types of trust accounts into a single category called “Trust Accounts.” Key Changes to Trust Account Coverage Consolidation of Trust Categories The FDIC […]
Azure GPT-4 Analysis of the New CRA: Part 1
The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Compared to the publicly available ChatGPT, Azure GPT-4 offers equivalent accuracy in problem solving. Advantages of Azure GPT-4-32k Available in 128K context and 32K context variants. Larger context size, better suited for detailed discussions. More […]
Exploring Industry Shifts in Banking Compliance at XLoD
Our banking risk and regulatory experts are excited to attend the upcoming XLoD Global event in New York on June 11th. What is XLoD Global? The world’s leading financial institutions and regulators come together at XLoD to discuss the future of non-financial risk and control. Representatives from all three lines of defense—operational management, risk […]
First Bank Closure of 2024: Republic First Bank
Recent news shook the financial services space on Friday, April 26th, as Pennsylvania state banking regulators, in collaboration with the Federal Deposit Insurance Corporation (FDIC), took decisive action by closing Republic First Bank. With assets totaling approximately $6 billion and deposits reaching $4 billion across its 32 branches as of January 31, the closure marked the […]
A Review of Capital Ratio Requirements of Credit Unions
How are Federal Credit Unions Regulated? Banking professionals are aware that the Federal Reserve Bank (Fed), the Office of the Comptroller of the Currency (OCC), or for state-chartered banks, the Federal Deposit Insurance Corporation (FDIC) serves as their primary federal regulator. For those whose deposits are insured, the FDIC acts as a secondary federal regulator, […]
Carl Aridas Empowers Risk and Regulatory Compliance Excellence for Financial Services Leaders
At the core of our business’s successes lie the brilliant minds and unwavering dedication of our workforce—individuals who consistently prioritize delivering industry insights and pioneering digital solutions. Today, we’re spotlighting one exceptional individual: Carl Aridas. As the visionary leader of our Financial Services Risk and Regulatory Center of Excellence (CoE), Aridas personifies excellence and innovation […]
Put Away Your Ledger Cards, Open Banking is Here to Stay
Open Banking is going to do for the banking industry what the introduction of the Apple smart phone did for cell phones. What is Open Banking? Open banking transforms the way financial data is shared and accessed, allowing third-party data providers and other banks to access financial data in traditional banking systems through application programming […]
Ensuring Banking Compliance Through Project Management Expertise
A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program. To bolster its capabilities and ensure […]