Third-party risk management is compromised in many organisations because those holding the relationship with the third-party don’t escalate red flags to compliance teams reliably, according to research from Gartner. Relationship owners are most often mid-level managers, directors and senior vice-presidents who have a direct insight into multiple third parties that compliance leaders deem as high-risk.

More than half of reported cyber breaches involving rated entities since 2000 have targeted sovereigns, local governments and state-owned critical infrastructure, according to analysis by S&P Global Ratings. Its report underscores the structural vulnerabilities facing public sector systems and infrastructure, particularly as nation-state actors adopt increasingly sophisticated tactics.

The CII has advised the Treasury Select Committee that institutions and individuals be held accountable for decisions made using AI, and advocates a ‘skills strategy’ to support the use of AI within financial services. The membership body says professionals should “always be prepared to take accountability for the outcomes created by AI, either through design or monitoring”.

The Financial Conduct Authority is preparing to introduce a live artificial intelligence testing service, aimed at helping financial firms deploy AI technologies in a safe, responsible and consumer-friendly manner. The initiative is intended to bridge a regulatory testing gap that the FCA says is slowing adoption across the sector.

AuditBoard has today launched a new governance tool designed to help companies fast-track their AI risk management programmes and drive responsible AI adoption. The new solution is designed to help user organisations meet AI best practice guidelines outlined in such frameworks as the National Institute of Standards and Technology’s AI Risk Management Framework.

The Chartered IIA and ISACA have urged the UK secretary of state for business and trade, Jonathan Reynolds, to urgently consider audit reform legislation to boost digital resilience. The two groups are calling for the rapid implementation of recommendations made by John Kingman in 2018 and Donald Brydon in 2019, including legislating to give the Financial Reporting Council enhanced powers.