The sometimes staid discipline of risk management had its turn in the spotlight after successive crises engulfed Silicon Valley Bank, Signature Bank and Credit Suisse Group. There’s enough resilience, financial resources, et cetera, so that we can ensure that we’ve got a sound system for everyone. We need to take our time to really think about that deliberatively to say, “OK, where does this really impact things, and what do we do about it." WSJ: Securities and Exchange Commission Chair Gary Gensler has talked about artificial intelligence as a potential major risk to the financial system. There’s almost like a supply chain of these things where the bank relies on someone, the third party relies on someone else.

Source: Wall Street Journal January 05, 2024 23:14 UTC