Spencer de Melo

Who doesn’t love #data, especially about #AI? The 2024 LDC U.S. Latinos in Tech Report: AI is here, showcasing the pivotal role of U.S. Latinos in the AI revolution. Here are some of the key takeaways and my take on why these facts matter: 1. Educational attainment: Latinos increased their share of STEM degrees by 101.6%, from 9.2% in 2012-2013 to 13.5% in 2021-2022. 💡 This means Latino STEM grads are expanding the talent pool and setting the stage for future innovation and breakthroughs! 2. Latino AI workforce: Latinos in AI technical roles grew by 48.7% to 58.7% between 2018 and 2022. By 2022, 9.1% to 10% of these roles were held by Latinos. 💡 Increasing Latino representation in AI paves the way for a more inclusive and profitable tech industry. 3. Youth engagement: More Latino youth use AI compared to their white counterparts: 54% vs. 41% for gathering information, 39% vs. 24% for creating images, 27% vs. 7% for making music, and 24% vs. 10% for job functions. 💡 Tech-savvy Latino youth are poised to lead the AI revolution, signaling evolving consumer trends and a dynamic future workforce. ⚡ L'ATTITUDE has done an excellent job of covering AI sessions, and my biggest takeaway is that the Latino community cannot afford to be left behind in AI. Check out the link below for the full report. #LATTITUDEISEVERYTHING, #LatinoDonorCoalition, #AI https://lnkd.in/gj2txJwF

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Most boardrooms view financial crime risk as regulatory risk, a compliance issue. Lawyers, consultants, vendors, (some) BSA Officers, and the regulators themselves promulgate this idea. Modern boards will focus on efficiency + effectiveness + how managing financial crime risk enables the business. Supervision is nothing more than a guardrail.

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OCC's semi annual Risk Perspective is here! The much awaited semi-annual risk perspective from the Office of the Comptroller of the Currency has been published. For any risk professional working in a bank, this is a good harbinger of what to expect in the imminent future. While i wont rehash the report, but there are some messages which clearly stood out - Special Topic of Focus - Resiliency  Banks should prioritize firmwide resilience efforts as risks may be interconnected. Stress events could be regional catastrophic weather-related event , sudden or sustained loss of investor confidence due to asset quality concerns, cyber incidents etc. Allowance for credit loss (ACL) methodology should reflect a forward-looking assessment of the risks in the loan portfolio Contingency funding planning remains key for managing liquidity risk Cyber threats are increasingly sophisticated and interdependencies with counterparties and service providers are growing Operational resilience includes identifying critical operations and core business lines and mapping interdependencies within the firm and with significant third parties Backup and recovery of critical data and are tested on a regular basis, including testing significant third party dependencies. Compliance risk management programs should consider operational resilience and the bank’s ability to deliver products and services during disruptions, while ensuring compliance with consumer protection laws and regulations Credit Risk -  Number of credit risk professionals with problem loan identification and mitigation experience has declined. It is important for banks to ensure that staffing plans for workout functions are adequate Market Risk -  Interest rate risk and liquidity stress-testing scenarios should assume higher than expected deposit competition, resulting in higher-than-expected deposit pricing regardless of rate movement direction. Cybersecurity - Prudent practices include use of multifactor authentication (MFA), hardening of systems configurations, and timely patch management. Effective backup of critical data that are both physically and logically segmented from production systems is essential for response and recovery from cyber threats Clear expectations should be in place for testing and certification that a cyber event at a third party has been remediated to establish confidence in reconnecting that third party’s system Banks have generally approached artificial intelligence (AI) adoption cautiously. Fraud Risk - Besides traditional payment channels, such as checks and wire transfers, digital channels such as peer-to-peer (P2P) platforms are also being targeted BSA/AML -  42% of SARs were identity exploitation including fraud related Management should consider how climate-related financial risk exposures may affect a bank’s operations, control environment, and operational resiliency  #occ #regulatorycompliance #internalaudit #risk #riskmanagement

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Reminder: FATCA Responsible Officer Certifications Due July 1, 2024 Don't miss the deadline to submit your FATCA Responsible Officer Certifications for the period ending December 31, 2023. The due date is July 1, 2024. Failing to submit by the deadline may result in non-compliance with FATCA regulations and could lead to the revocation of your entity's FATCA status and GIIN removal from the FFI list. #FATCA #FinancialRegulations #IRS

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The Office of the Comptroller of the Currency (OCC) recently released its Semiannual Risk Perspective for Spring 2024, outlining key issues impacting the federal banking system. According to the report, while the overall condition of the federal banking system remains strong, potential consumer headwinds due to the maturing economic cycle are a concern. It is crucial for banks to actively identify material risks and understand their interconnected impacts to mitigate any potential challenges. Highlighted in the report are key risk themes including credit, market, operational, and compliance risks. The data, as of December 31, 2023, serves as a basis for national banks, federal savings associations, and federal branches and agencies to address these critical areas. For more detailed insights, you can access the full report here: [OCC Report](https://lnkd.in/etbczu3Z) #OCC #BankingSystem #RiskManagement #Compliance #Finance

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