Regulation
Europe’s new AI Act threatens supervisory ‘chaos’ for banks
Policy-maker says new role for European Commission could collide with ECB model risk regulation
Hurdles to hiring migrants ‘jeopardise US tech start-ups’
Frictions caused by visa programme ‘protect unproductive firms’, says Atlanta Fed paper
Chinese government replaces head of securities regulator
Move follows pledge by authorities to stabilise markets in wake of share selloffs
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
ISO 31000 and COSO–ERM remain central banks’ leading standards
Central banks from high income countries less likely to use COSO–ERM
Mean risk management salary greater in high income countries
Salaries average $72,738 in rich countries but $33,464 in upper-middle income nations
RBNZ proposes changes to mortgage regulations for banks
Central bank plans to bring in debt-to-income requirements to reduce financial stability risks
Most central banks have difficulty hiring skilled cyber security staff
Respondents highlight pay disparity, skills gap and technological advancements as factors
Exit rate of risk management staff averages over 10%
Workers in middle income institutions tend to leave at a higher rate
RBI proposes self-regulation for fintechs
Move comes as India hailed as one of sector’s “most significant operating countries”
Operational and financial risk units have largest staff
Upper-middle income institutions have largest average total number of risk employees
Enterprise-wide risk management widespread among central banks
Few institutions maintain use of department-level and damage limitation approaches
Most central banks lack climate risk units
Just under half of institutions say they have difficulty hiring staff with matching skills
Cyber and fintech risk policies rejigged in a few central banks
Departmental structure varies across jurisdictions
Minority of central banks altered risk functions in past two years
Amendments emanate from factors including technology and climate change
Few central banks lack risk management strategies
Two respondents do not have a risk strategy and slightly more lack a defined risk tolerance
GRC systems remain scarce among central banks
Minority of central banks project adoption this year, others aim to upgrade
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
Repo bankruptcy exemption carries ‘significant costs’ – paper
Apparent liquidity boost from US rule is undermined by greater risk of fire sales, authors say
Most heads of risk management units report to governor or board
Risk management committees are more likely to exist in central banks than chief risk officers
Risk management units are most often centralised
Operational risks are the most covered area across participating jurisdictions
Held-to-maturity assets present banking risks, paper says
Boston Fed research argues SVB failure could mean regulatory re-think
FCA official confirms end of ‘temporary permissions regime’
European firms must have UK regulatory approval by December 30
Jamaica ‘twin peaks’ law coming in 2025, official says
Central bank will oversee non-bank sector after scandal at securities firm