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Summary Authored by Grant Thornton, this report provides key insights into the regulatory technology (RegTech) landscape in the UK financial services sector. Based on a survey of 119 risk and compliance professionals, it analyzes trends, challenges, and the adoption of RegTech solutions aimed at addressing evolving regulatory obligations. The report serves as a guide for financial institutions seeking to enhance compliance through innovative technology solutions. Key Take Aways Increased Regulatory Obligations: 77% of respondents anticipate more regulatory obligations in 2024,… Read more

Summary This report, authored by UK Finance and Accenture, evaluates the adoption of generative AI in financial services, with a focus on practical applications, risk management, and regulatory considerations. It outlines seven prevalent use cases and examines risks associated with integrating AI technology, providing case studies to demonstrate current implementations. Key Take Aways Use Cases: AI is applied in areas such as customer service automation, fraud detection, and regulatory compliance.Adoption Trends: 12% of technology budgets were allocated to generative AI… Read more

Summary This research note, authored by the Financial Conduct Authority (FCA), investigates bias in word embeddings, a fundamental technology in natural language processing (NLP). The study explores how biases related to gender, ethnicity, age, and other demographic factors are encoded and how effectively these biases can be mitigated through techniques like Hard Debiasing. The document is part of FCA’s efforts to foster safe AI use in financial services, aligned with regulatory frameworks like the Consumer Duty. Key Take Aways Bias… Read more

Summary This consultation document, published by Ofcom, reviews proposed changes to the UK’s universal postal service (USO) to address declining letter volumes and rising costs. The consultation aims to align postal services with current user needs while maintaining financial sustainability. It outlines reforms regarding letter delivery schedules, service quality targets, and access conditions, with input from stakeholders across the UK. Key Take Aways Declining Letter Use: Letter volumes have halved in a decade, while parcel delivery has increased.Delivery Frequency Reform:… Read more

Even the Vatican has an AI policy now. Summary This decree, issued by the Pontifical Commission for Vatican City on December 16, 2024, sets forth ethical guidelines for the use of artificial intelligence (AI) within the Vatican. The guidelines emphasize human dignity, ethical responsibility, and transparency in AI research, development, and deployment. These principles are meant to align technological progress with the mission and values of the Catholic Church, covering areas such as data privacy, security, labor, cultural heritage, and… Read more

Summary The Financial Conduct Authority (FCA) outlines its updated approach to AI in financial services, emphasizing innovation, regulatory adaptability, and risk management. The document highlights progress made since its 2022 AI Discussion Paper and sets future goals, focusing on collaboration, transparency, and technological resilience. Key principles of fairness, security, and accountability underpin AI governance strategies, supporting the UK’s pro-innovation regulatory stance. Key Take Aways Innovation Strategy: AI can drive efficiency, improved consumer outcomes, and competition in financial services.Government Collaboration: The… Read more