Bank of England
UK's central bank aims to cut costs and streamlining data collection.
"AI-driven failures sit squarely within scope"
Central bank is taking a "multiple phase approach" across different Oracle modules, is hiring for support...
The central bank's technology boss on overhauling hosting and ERP, deploying 'DG CIOs', and trying to be 'cloud-smart'.
Change freezes are over, RTGS now operational near 23/7 for some administrative tasks
"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.