Martijn van de Westelaken: Reporting and the Process

13 December 2023
Knowledge Base

by Michel Klompmaker

On 7 November 2023, the Serious Whistleblowing Annual Conference took take place at the Hague University of Applied Sciences in the Hague, Netherlands, which was organised together with one of the best-known lawyers in the field, Caroline Raat. The EU Whistleblower Directive has been implemented in the Whistleblowers Protection Act. Employers have set up their internal procedures or are busy doing so. What is of great importance for the professionals in the field is the following: (I) receiving notifications securely, (ii) protecting the reporter, (iii) investigations into reported abuses, (iv) handling and measures, and (v) legal proceedings. This is part two in a series of three articles on the event.  Continue reading…

Political agreement on Artificial Intelligence Act

10 December 2023
Knowledge Base

The Commission welcomes the political agreement reached between the European Parliament and the Council on the Artificial Intelligence Act (AI Act), proposed by the Commission in April 2021. Ursula von der Leyen, President of the European Commission, said: “Artificial intelligence is already changing our everyday lives. And this is just the beginning. Used wisely and widely, AI promises huge benefits to our economy and society. Therefore, I very much welcome today’s political agreement by the European Parliament and the Council on the Artificial Intelligence Act. The EU’s AI Act is the first-ever comprehensive legal framework on Artificial Intelligence worldwide. So, this is a historic moment. The AI Act transposes European values to a new era. By focusing regulation on identifiable risks, today’s agreement will foster responsible innovation in Europe. By guaranteeing the safety and fundamental rights of people and businesses, it will support the development, deployment and take-up of trustworthy AI in the EU. Our AI Act will make a substantial contribution to the development of global rules and principles for human-centric AI.” Continue reading…

24th EU-China Summit

08 December 2023
Knowledge Base

The European Union and China held their 24th Summit in Beijing on 7 December 2023. President of the European Council, Charles Michel, and President of the European Commission, Ursula von der Leyen, met with China’s President, Xi Jinping, followed by an exchange with China’s Premier, Li Qiang. The Summit was an opportunity to engage with China following a period of intensified bilateral contacts and dialogues. High-level visits and dialogues on strategic and foreign policy issues, human rights as well as trade and economy, climate, and environment, digital have paved the way for the Summit, demonstrating the EU’s commitment to engage with China. The EU highlighted the need for concrete progress following these discussions. Continue reading…

Photo: Klaas Knot

The recent financial tumult: lessons and responses

07 December 2023
Knowledge Base

by Klaas Knot

As many of you know, I am a General Board member of the European Systemic Risk Board (ESRB). In that capacity, I contribute to, and follow the work of the ESRB closely. But today, I will be speaking as chair of the Financial Stability Board. And so, I wanted to begin by highlighting a few similarities between these two important international bodies. Both the ESRB and the FSB were created after the 2008 global financial crisis (GFC). The former under the EU, the latter under the G20. Those of you who have been involved in one of our committees such as the ESRB’s ATC [*1] or the FSB’s SRC [*2] will know that we share a love for acronyms. But, of course, we have something far more fundamental in common. We both monitor vulnerabilities in the financial system. We make policy recommendations to address them and we look at how these recommendations are implemented.
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Ed Fenne and Marion Weitering: What does the House for Whistleblowers do?

06 December 2023
Knowledge Base

by Michel Klompmaker

On 7 November 2023, the Serious Whistleblowing Annual Conference took take place at the Hague University of Applied Sciences in the Hague, Netherlands. The EU Whistleblower Directive has been implemented in the Whistleblowers Protection Act. Employers have set up their internal procedures or are busy doing so. What is of great importance for the professionals in the field is the following: (I) receiving notifications securely, (ii) protecting the reporter, (iii) investigations into reported abuses, (iv) handling and measures, and (v) legal proceedings. This is part one in a series of four articles on the event.  Continue reading…

Photo: Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank

Policy-making under uncertainty : The importance of maintaining a medium-term orientation

05 December 2023
Knowledge Base

Thomas Jordan

I would especially like to thank our colleagues at the Bank for International Settlements and the Federal Reserve Board for working together with us in organising this event. The topic of this year’s conference – policy-making under uncertainty – is highly relevant. There is, for instance, substantial uncertainty regarding the impact of accumulated monetary tightening on future inflation. There is also high uncertainty about how the current geopolitical tensions will affect the global economy. Continue reading…

Photo: Janez Lenarčič,

Europe and Canada have agreed to enhancing ties in civil protection and disaster risk management

01 December 2023

During the EU-Canada Summit, Commission President Ursula von der Leyen and Prime Minister of Canada Justin Trudeau endorsed an Administrative Arrangement allowing closer cooperation on disaster response and emergency management. The EU and Canada will also share best practices to enhance prevention, preparedness, and coordination on natural and human-induced disasters including in third countries. In addition, the European Commission will finance the purchase 12 new Canadian built planes (Canadair) to increase the aerial firefighting capacity of the EU Civil Protection Mechanism strategic reserve (‘rescEU’). EU Member States have also ordered a further 12 planes.
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Ajay Katara

Ajay Katara

Consulting Partner and Head the RegTech Portfolio in Banking Risk Management area at Tata Consultancy Services (TCS)

Gen AI Use Cases in Risk and Compliance

30 November 2023
Knowledge Base

Generative Artificial Intelligence or Gen AI as it is popularly called has recently emerged as a technology enabler which is seeing a lot of use cases across the banking industry. Currently, many banks are trying to experiment with this new tool and understand amendable areas that can benefit from this technological intervention. Adoption patterns currently indicate that many banks and financial institutions are starting small with internal use cases to understand and analyse the efficacy of this intervention. Within the banking sector, Gen AI has a lot of applications in the risk and compliance value chain across areas of Risk Identification, Risk Assessment, Risk Monitoring and Risk Reporting. As per industry estimates, market size is expected to grow at a CAGR of 34% (approx.) in risk and compliance management. Given the focus of regulatory scrutiny on the adoption of Gen AI in the risk and compliance function, currently the initial set of use cases are more focused on augmenting the existing functions rather than fully automating them, hence the adoption of Gen AI is slowly but steadily progressing. Integration of Gen AI with the existing RegTech tools can yield a lot of benefits in terms of improved automation and cost savings which will make the current processes more efficient and also enable near real time decision making as well in certain risk and compliance functions. Continue reading…