Blog

The EDPS is adapting to evolving data protection challenges. Sectors and a task force were established to enforce data protection laws and promote responsible AI use. The EDPS prioritizes safeguarding privacy and data protection rights.

Enhanced Due Diligence (EDD) is a thorough process in the financial sector, used to manage risks. It examines high-risk clients and transactions for money laundering or terrorist financing. EDD involves scrutinizing backgrounds, relationships and financial activities to assess risk and compliance.

The Basel Committee consults on revised Core Principles for banking supervision, reflecting industry changes since 2012. These principles are minimum standards applied globally, evaluated by the IMF and World Bank in their FSAP.

Operational Risk Management (ORM) is the process of identifying and mitigating risks to an organization's operations. It focuses on internal and external factors that can disrupt business operations and aims to protect the organization by eliminating or minimizing risk.

Navigating future compliance in financial services requires adaptability to emerging trends and technologies. With rising cyber threats, AI use, data privacy concerns, and the advent of crypto-assets and blockchain, fostering a compliance culture is paramount for financial institutions.