Banks using outdated processes could draw 5x bigger fines in 2022

U.S. regulatory authorities may be less lenient about bank accounting and reporting errors stemming from old technologies — like spreadsheets — particularly for repeat offenses. Banks could see 500% higher fines for errors stemming from outdated, problematic methods. So predicts Bikram Singh, chief executive officer of Brunswick, N.J.-based EZOPS, a provider of an artificial intelligence […]

Source: https://bankautomationnews.com/allposts/risk-security/banks-using-outdated-processes-could-draw-5x-bigger-fines-in-2022/