14 Results
Ben O'Brien Managing Director at Jaywing
Numbers have always been crucial for measuring success. From revenue figures to profit margins and customer acquisition expenses, these numbers guide critical decisions. Yet, today, the challenge remains in creating stories that can shift these numerical dials. It's about taking complex datasets and turning them into narratives that drive real cha...
15 October 2024 /predictions Analytics in Banking
As financial institutions increasingly integrate AI, they encounter the challenge of unlocking its potential while ensuring compliance with regulatory requirements and ethical standards. In this post, we'll review regulatory expectations, share strategies for building transparent and fair AI models, and cover the importance of robust governance and...
26 September 2024 /ai /regulation
On 12 September 2024, the Prudential Regulation Authority (PRA) issued PS9/24, marking the second part of the near-final ruleset that addresses credit risk, the output floor, and Pillar 3 disclosures. These rules were accompanied by supervisory statements on Internal Ratings-Based (IRB) approaches and the definition of default. The PRA also release...
19 September 2024 /regulation
The message is clear: Payment Service Providers (PSPs) will soon be required to reimburse victims of Authorised Push Payment (APP) fraud up to £85k. In this post, we explore the upcoming changes, examine how fraudster behaviour is evolving, outline what lenders need to do to comply with the new regulations, and discuss ways to protect vulnerable cu...
05 September 2024 /regulation /crime
The gap between AI and traditional risk modelling is substantial. Traditional models often fall short when dealing with complex, non-linear relationships. In contrast, AI models thrive in detecting these patterns, providing more precise risk predictions. Risk managers are now at a crossroads: stick with the tried-and-true traditional methods or emb...
03 September 2024 /ai
Recently, the UK Government called upon key regulators—including the ICO, FCA, and Bank of England (which incorporates the PRA)—to outline their strategic approach to Artificial Intelligence (AI). In response, the Bank of England highlighted various existing regulations that demonstrate its capacity to supervise AI. Notably, SS1/23 featured prom...
28 August 2024 /ai /regulation
The Financial Conduct Authority (FCA) has introduced policy statement PS24/3, implementing mandatory Product Sales Data (PSD) reporting for consumer credit firms. This significant change will reshape how affected companies collect, manage, and report data. Our blog post breaks down the key aspects of these new requirements and offers guidance to ...
27 August 2024 /regulation
The Prudential Regulation Authority (PRA) recently held an IRB wholesale roundtable, introducing new guidelines for firms using or considering the Internal Ratings Based (IRB) approach for wholesale exposures. In this post, we’re delving into the 6 key takeaways: #1. Model risk differentiation: Aligning to the PRA’s expectations To start, the PRA'...
23 August 2024 /regulation
The Prudential Regulation Authority have taken another step towards implementing their vision of managing prudential risk for smaller financial institutions through the publication of CP 5/22, “The Strong and Simple Framework: a definition of a Simpler-regime Firm”. As the name suggests, this latest publication outlines the proposals for the defin...
25 July 2022 /regulation Banking Regulations
As we enter 2016, the IFRS 9 deadline draws even closer, and the countdown is putting pressure on firms who need to comply with the new requirements. In less than two years, on January 1st 2018, IFRS 9 will take effect. Although the deadline isn’t until 1 January 2018, the reality is that the changes need to be in place at least a year before in or...
21 January 2016 /regulation /retail
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