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Regulatory Compliance

With an increasingly complex and interlinked risk landscape, comes an equally complex, corresponding regulatory framework, and it's no surprise how high up regulatory compliance now features on the bank agenda. Check in with your peers on the issues driving this key risk management capability, including compliance operating model, regulatory horizon scanning, and financial crime compliance

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    Compliance in risk taxonomy

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    The ORX global reference taxonomy was developed based on 60+ risk taxonomies used by financial institutions around the globe is probably the best representation of peer practices and has been adopted, with tailoring for the specific organization, by many since the taxonomy was developed ~5 years ago.

    Within the ORX global reference taxonomy, regulatory compliance is a separate L2 category within the NFR taxonomy, and is defined as “the failure to comply with any legal or regulatory obligations that are not captured through other Level 1 risks within the NFR taxonomy”, because the risk of non-compliance with specific legal or regulatory obligations is relevant to most Level 1 risks in the NFR taxonomy and therefore we wanted to avoid overlap with these risks

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    Social listening AI to identify potential scams

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    I would also like to learn more about this

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    AML AI Regulations

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    For Canada specifically, please refer to the latest Draft Guideline E-23 on model risk management by OSFI (our banking and insurance regulator).

    To capture the risk posed by AI, the Draft Guideline modernizes the definition of “model” in the original 2017 Guideline to explicitly include AI and machine learning methods. Basically the AI-based solutions are considered “models” and are subject to model risk management requirements. Detailed requirements can be found in the guideline

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