Irish Firms Using AI Trading Urged To Improve Controls
Law360, London (May 12, 2021, 2:23 PM BST) -- The Central Bank of Ireland has called on businesses that use computer systems with limited human interaction to improve their controls, and given some companies time to work on risk programs.
The regulator said on Tuesday that a review it conducted into businesses that undertake algorithmic trading identified some positive practices, but it also found shortfalls in their frameworks for risk and control. Areas of concern included a lack of documentation about pre- and post-trade controls and disparities between companies on the level of detail set out in documents.
Businesses could not prove that they have proper oversight of controls over...
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