Financial Services
Industry body Pay.uk sounds like it may be in for the chop too; or at least "reform". Praise the Lord and Pass the Ammunition.
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.
Financial Conduct Authority hits Metro with a fine of almost £17 million in relation to the operation of its Automated Transaction Monitoring System.
"While the UK's startup ecosystem has grown significantly, it lacks the sheer scale and aggressive growth culture that defines Silicon Valley."
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...
"We are not (yet) seeing evidence of AI maturity playing out in terms of improvements to common efficiency measures, such as cost-to-income (CIR) ratios"
How The Hartford took its Terraform infrastructure to the cloud – and kept its mainframe
"We've got over 11,000 regulatory reports" lamented CFO Mark Mayer. "We're talking about ensuring that the data that we capture at trade entry is the data that's required to ultimately show up on these various regulatory reports..."