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Risk management and fraud news from around the web: November 6 – 10, 2023

Written on Nov 10, 2023

A report on the insurance industry shows “a profound lack of preparedness in addressing climate-related risks and opportunities.” Insurance industry representatives immediately criticized the report as a negative take on the industry’s ability to adapt and not reflective of the commitment many insurers have made to address climate-related risks. 

Generative AI needs regulation, due to the amount of harm it can cause to unsuspecting individuals. This is especially the case with the use of deep fakes, which have the potential to harm individuals as well as society through erosion of trust and privacy and distortion of reality. 

The PCAOB took more action on standard setting and rulemaking in 2023 than any year in the last 10 years. 

Protecting businesses from financial fraud requires a combination of tools, training and a reputable banking partner. This article includes the different types of financial fraud affecting businesses and the tools available to combat it. 

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