Regulatory Alerts2020-03-06
Guidance Note 2/2020: 2020 Board Meetings on New Technology Impacts for Banks and Controlling Companies
The Prudential Authority issued Guidance Note 2/2020 to mandate 2020 regulatory meetings with the boards of directors of banks and controlling companies. These sessions will focus exclusively on the impact of emerging technologies such as artificial intelligence, machine learning, and distributed ledger technology on regulated financial institutions. The chairperson of the capital and risk management subcommittee must submit a presentation at least three weeks prior to the meeting that details governance frameworks, responsible adoption principles, strategic alignment, and associated cyber and operational risks.
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