Plausible deniability won't cut it when it comes to financial regulation. On this episode of Information Risk, David Loshin enlightens us on the intricacies of customer due diligence and the risks related with poor practices. He and Doug discuss real-world enforcement actions by the Office of the Comptroller of the Currency against banks in Ohio and Connecticut and explore the broader implications of these issues within the financial system. They also talk cryptocurrency and highlight how digital currencies pose compliance challenges and are used by bad actors for illicit activities. On the other side of the coin, they talk enforcement actions, including recent Financial Crimes Enforcement Network (FinCEN) investigations, and the $4.4 billion fine levied on Binance for illicit activities on its platform.

References: • Historic fine on Binance over alleged Hamas financing signals new era in crypto crackdown - Politico • Binance and CEO Plead Guilty to Federal Charges in $4B Resolution - U.S. Dept of Justice • Crypto Under the Gavel: Binance and Beyond - Amini & Conant

Information Risk is a podcast hosted by Doug Atkinson featuring David Loshin, a renowned data strategy consultant and director at the University of Maryland. David explores theoretical and real-world examples of 'information risk', the different types of risk that misuse and misinterpretation of data can pose to organizations. Contact David Loshin: ⁠LinkedIn⁠⁠Twitter⁠⁠knowledge-integrity.com⁠ Powered by ⁠Insight Jam

Data is the fuel that powers AI, but what happens when there is sugar in the proverbial gas tank? On this episode of Information Risk, David Loshin gets into the perils of using AI and large language models (LLMs). when the data is faulty. Socioeconomic pillars like healthcare, real estate, and law are affected. A lawyer blindly trusting AI-generated fictitious legal cases, the mishandling of COVID-19 diagnostic tools due to biased ML algorithms, and Zillow's failed attempt to predict real estate prices, leading to a massive financial fallout. In all of these examples, data quality is essential. David urges professionals and businesses to exercise due diligence in scrutinizing the data that feeds their AI models to ensure reliability and mitigate information risks. References: • "The ChatGPT Lawyer Explains Himself" • "Common pitfalls and recommendations for using machine learning to detect and prognosticate for COVID-19 using chest radiographs and CT scans" • "The $500mm+ Debacle at Zillow Offers – What Went Wrong with the AI Models?" • "Zillow to shutter home buying business and lay off 2,000 employees as its big real estate bet falters" Information Risk is a podcast hosted by Doug Atkinson featuring David Loshin, a renowned data strategy consultant and director at the University of Maryland. David explores theoretical and real-world examples of 'information risk', the different types of risk that misuse and misinterpretation of data can pose to organizations. Contact David Loshin: LinkedIn Twitter knowledge-integrity.com Powered by Insight Jam

Doug and David discuss the complexities surrounding data privacy laws like the newly proposed American Privacy Rights Act. David goes into the proliferation of online data collection and how it's necessitated the drafting of comprehensive data privacy legislation akin to the EU's GDPR. Challenges and responsibilities of managing consumer data, data breaches, and navigating data privacy laws like CCPA, CPRA, and GDPR are all things businesses face in the current landscape. David and Doug examine the practical difficulties in complying with these laws, the impact of data sharing agreements, and a potential data future. Will individuals be compensated for their personal data? References: • Global Data Privacy Laws 2023: 162 National Laws and 20 Bills • The California Privacy Rights Act of 2020

Information Risk is a podcast hosted by Doug Atkinson featuring David Loshin, a renowned data strategy consultant and director at the University of Maryland. David explores theoretical and real-world examples of 'information risk', the different types of risk that misuse and misinterpretation of data can pose to organizations.

Contact David Loshin: ⁠LinkedIn⁠ | ⁠Twitter⁠ | ⁠knowledge-integrity.com⁠ Powered by ⁠Insight Jam