Bank of England
"Third-party exposure will continue to increase as the complexity of models increases and outsourcing costs decrease"
Bank of England warns that unchecked use of AI poses a risk to the stability of the financial system.
Regulators admit that forcing critical third-party firms to "openly" share vulns would "go against" plan to reduce systemic risk and boost operational resilience.
16% of respondents are using AI for credit risk assessment; 11% are using it for algorithmic trading. The Old Lady wants to keep a watchful eye...
Network configuration, CA and SWIFT issues, and certificate expiration blamed for a series of RTGS outages the past year.
Bank of England seeks "a more outcome-based approach to service provision"
"The financial sector’s interconnectedness has the potential to spread disruption widely and quickly, affecting households and businesses."
“Less than a year out from the March 2025 deadline… there is still considerable work to be done for many FMIs.”