Revisiting Financial Institution Incentive Compensation Rules Under Dodd-Frank — The Consumer Finance Podcast
Contractors interested in offering federal agencies artificial intelligence (AI) can now glean insight into how agencies are expected to conduct AI acquisitions. On September 24, 2024, the Office of Management and Budget...more
The Bank of England considers the latest wave of AI developments to be a “step change” for financial modelling that brings substantial opportunities as well as risks. AI governance is a developing field and financial...more
The U.S. Department of Labor (DOL) recently released new non-binding guidelines for employers and developers using artificial intelligence (AI). These guidelines build on the DOL’s May 2024 release of eight AI “principles”...more
Imagine this scenario: A financial institution adopted AI to automate credit decisions, but due to an inadequate governance framework, the system denied loans based on incomplete or biased data. When regulators and customers...more
On September 24, the Office of Management and Budget (OMB) released a memorandum on Advancing the Responsible Acquisition of Artificial Intelligence in Government. The new memorandum builds on OMB’s March 2024 memorandum...more
Under the Beneficial Ownership Transparency Act, 2023 ("BOTA"), entities that are registered as investment funds may avail themselves of an alternative route to compliance with the BOTA by appointing a Contact Person as a...more
How does the beneficial ownership reporting regime developments impact those within the fund governance function? Introduction - As noted in our recent advisory, the Cayman Islands' beneficial ownership reporting...more
Read our thought leadership report which offers valuable insights and knowledge from our global team of lawyers to help you stay ahead of the curve in the ever-changing world of AI and ESG. As Artificial Intelligence (AI)...more
Our investment funds team outline the latest developments within the investment funds market in Bermuda, addressing the recent statistics from Q2 2024 published by the Bermuda Monetary Authority (the "BMA") as well as the...more
The Office of Management and Budget (OMB) has released Memorandum M-24-18, introducing new requirements and guidance for federal agencies on the responsible acquisition of artificial intelligence (AI). This memorandum aims to...more
The Department of Health and Human Services (HHS) Office for Human Research Protections (OHRP) recently held its 2024 Exploratory Workshop titled “The Evolving Landscape of Human Research with AI – Putting Ethics to Practice”...more
Governor Newsom has vetoed SB 1047 but signed into law three other laws regulating the development and deployment of certain artificial intelligence (AI) tools. As explained in detail in our prior post, California's...more
Artificial intelligence (AI) has the power to revolutionize health care. In oncology, there are now opportunities to apply AI to support diagnostics, predictive analytics, and administrative functions. This hot topic was...more
CISOs, compliance officers, corporate boards, and other senior executives are quick to worry these days about the risks of artificial intelligence – but fear not! Some of the brightest minds in technology have built a tool to...more
Following the publication of the European Union’s Artificial Intelligence Act (AI Act or Act) on 12 July 2024, there are now a series of steps that various EU bodies need to take towards implementation. One of the first key...more
One of our recent posts discussed the uptick in AI risks reported in SEC filings, as analyzed by Arize AI. There, we highlighted the importance of strong governance for mitigating some of these risks, but we didn’t address...more
On August 27, Senator Mike Rounds (R-SD) unveiled five AI bills for Congress to consider when its members return from the August recess on September 8. Three are stand-alone bills that would promote the use of AI in the...more
Though responsible and ethical use of artificial intelligence (AI) has been a hot topic for the past few years, there has not yet been significant adoption of laws or regulations aimed specifically at regulating the use of AI...more
In my July column, I wrote about the connection between corruption and the environment. But corruption also has a link to the “S” of the environmental, social, and governance (ESG) pillars. Corruption is both a cause and a...more
Special Economic Zones (SEZs) are well established tools for increasing exports, facilitating imports and driving economic growth in their host economies. SEZs are "demarcated geographic areas contained within a country's...more
As generative artificial intelligence continues to revolutionize business operations across industries, it has become imperative for companies to establish robust internal policies governing its use by employees. This alert...more
A recent Forbes article summarizes a potentially problematic aspect of AI which highlights the importance of governance and the quality of data when training AI models. It is called “model collapse.” It turns out that over...more
Colorado became the first U.S. state to pass a law protecting consumers from harm when using artificial intelligence (AI). Senate Bill 24-205 on Consumer Protections for Artificial Intelligence was passed on May 17, 2024. The...more
As the “AI Revolution” continues to gain momentum, questions concerning professional ethics have arisen across almost all professions. For legal services providers in particular, this disruptive technology poses both risks...more
Having “rescued” dozens of Enterprise Resource Planning (ERP) implementations, what we see as the absolute key to success is the selection and management of your System Implementer (SI). We call them rescues because without...more