The rapidly evolving field of artificial intelligence (AI) brings with it immense potential, as well as concerns about its possible unintended consequences. To address these concerns, a new metric called p(doom) has emerged, sparking discussions among AI enthusiasts, researchers, and industry leaders. This article aims to explore the significance and implications of the p(doom) statistic in assessing the likelihood of
The Bank of England (BoE) has initiated a comprehensive review of artificial intelligence (AI) and machine learning (ML), aiming to address potential financial stability risks associated with their use. With the increasing adoption of these technologies in the UK financial services sector, there is a need to carefully examine their implications. While AI and ML have the potential to deliver
Risk management is a critical aspect of running a successful business, as it helps protect companies against potentially detrimental events. The findings of Aon’s Global Risk Management survey, which involved 3,000 business leaders worldwide, shed light on the key concerns facing organizations. These concerns include cyber risk, business interruption, supply chain disruption, and failure to attract and retain talent. In
In today’s technology-driven world, computer system validation has become increasingly important. It is the process of verifying and documenting that a computer system meets predefined requirements and performs its intended functions accurately and consistently. In this article, we will explore the significance of computer system validation in ensuring the integrity, security, and compliance of cloud-based and Commercial Off-The-Shelf (COTS) applications,
The financial services industry is at the forefront of adopting artificial intelligence (AI) technologies, with generative AI emerging as a new horizon. This article explores the current state of testing and adoption of generative AI by financial services firms, the collaboration with regulators, the potential benefits, the adaptation of risk management frameworks, and the need for balanced adoption and regulation.
The Monetary Authority of Singapore (MAS) has partnered with leading banks and tech firms to develop a comprehensive generative artificial intelligence (AI) risk framework. Through their initiative, Project MindForge, MAS aims to explore the potential applications of generative AI in the financial services sector while ensuring responsible and sustainable use of the technology. Project MindForge: Investigating Generative AI MAS has
The exponential growth and undeniable success of cloud computing have revolutionized the way businesses operate and manage their IT infrastructure. However, along with its advantages, cloud services also come with a unique set of challenges, including the inevitability of price hikes and the difficulty of switching providers. This article will delve into these issues and provide strategies for enterprises to
Artificial Intelligence (AI) has revolutionized various aspects of our lives, offering immense potential for growth and progress. However, this rapid advancement also raises the need for responsible and ethical use of AI technology. In response to this, the G7 nations have formulated an AI Code of Conduct aimed at promoting safe, secure, and trustworthy AI worldwide. This article delves into
Artificial intelligence generated by generative models, commonly known as GenAI, is rapidly reshaping industries and becoming a crucial technological force of the decade. However, with great power comes great responsibility, and the adoption of GenAI comes with its own set of concerns and challenges. This article explores the potential risks, the inevitability of GenAI adoption, the benefits it offers, its
In today’s interconnected world, the threat of cyber risks looms larger than ever before. Recognizing the need for comprehensive guidance on protecting organizations from cyber threats, the International Bar Association (IBA) has published a groundbreaking report titled “Global Perspectives on Protecting Against Cyber Risks: Best Governance Practices for Senior Executives and Boards of Directors.” This report provides a first-of-its-kind roadmap
Artificial Intelligence (AI) is rapidly advancing, and as its capabilities continue to grow, it is becoming apparent that there are significant risks associated with this technology. In fact, some of the world’s leading voices in AI have voiced their concern about the potential for AI to pose an existential threat to humanity. To mitigate these risks, there has been a
Fusion Risk Management, a leading provider of software solutions for business continuity, risk management, IT disaster recovery, and crisis management, has announced an expanded functionality of its third-party risk management (TPRM) offering. The enhanced solution delivers continuous monitoring of third parties beyond its traditional scope, as well as an evaluation of potential operational and business impacts that those third parties
