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 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.

Semperis has launched an enterprise resilience platform. Ready1 is designed to bring together stakeholders, coordinators and technical teams in one secure platform, to support cohesive crisis response through preparation, collaboration and enterprise-wide communications.

Chaucer has launched a standalone third-party liability insurance product designed to address the evolving liability risks arising from AI system underperformance. Developed in collaboration with Armilla AI, the product is available to US insureds with global territorial limits, with the binder led by Chaucer. It will cover hallucinations, model drift, mechanical failures and other deviations from expected AI behaviour, and legal defence and liability protection for claims arising from such underperformance.

Members of the Net-Zero Banking Alliance voted overwhelmingly today to loosen climate obligations, following a year-long strategic review of the UN-backed global initiative. The changes adopted by NZBA are a response to a changed external landscape, it said – one in which many of its 129 member banks are subject to “significant new external climate reporting requirements”.

Nat cats and unmodelled extreme weather risks are emerging as a defining challenge for renewable energy markets worldwide, according to sector specialists at GCube. The insurer warns that the long-term viability of clean energy projects may be at risk as the industry scales.