All articles tagged with #operational risk
The State Department conducted widespread layoffs, including the elimination of the Office of Planning and Program Support and the Office of Casualty Assistance, despite assurances that frontline passport processing staff would be unaffected, raising concerns about operational disruptions and undermining key support functions.
The Office of the Comptroller of the Currency (OCC), a leading federal banking regulator, has issued a warning to financial institutions about the potential risks associated with implementing artificial intelligence (AI) tools. The OCC highlighted various risks, including lack of explainability, reliance on large volumes of data, potential bias, privacy concerns, third-party risk, cybersecurity risks, and consumer protection concerns. While acknowledging the potential benefits of AI adoption, the OCC emphasized the need for banks to manage AI use in a safe, sound, and fair manner, and to identify, measure, monitor, and control risks arising from AI. The agency also stated that existing safety and soundness standards and compliance requirements are applicable to AI usage.