COVID-19 has amplified the scope and use of model risk management based on advanced analytics
In a post-COVID-19 world, proactive model risk management by all lines of defense is needed now – not only to meet new regulatory expectations, but also to strengthen institutional resiliency.
Businesses across every industry will need to adopt AI in order to remain competitive in the current market but implementation can be fraught with risk.
The COVID-19 pandemic has revealed deep flaws in some widely used advanced analytics techniques.
Banks have traditionally considered financial crime and fraud as two distinct categories of risk. But as these crimes become increasingly sophisticated, the traditional boundaries between them are becoming blurred, meaning that banks need to align their approach to dealing with them.