This Week in Risk Tech News: March 13th

March 13, 2023

Are you looking for the latest updates from the risk tech world? If so, you have come to the right place! This week in Risk Tech News we’ll be exploring key issues and developments affecting risk managers across the globe. We will cover stories such as hacks and vulnerabilities affecting corporations, new research helping us understand risk management better than ever before, and other noteworthy news items. By staying up to date on these topics, our readers can ensure they remain informed about changes in their field in order to stay ahead of potential risks. Let’s dive into this week’s roundup of exciting risk tech news!

Here are the top stories from last week: 

Fortune: A risk management nightmare at Silicon Valley Bank

Fortune A risk management nightmare at Silicon Valley Bank

  • Mark T. Williams, a former bank examiner for the Federal Reserve, assesses the cause of Silicon Valley Bank’s (SVB) failure to proper asset-liability risk management
  • SVB, a major lender for the tech and venture capital sectors, lacked a chief risk officer for about eight months
  • SVB’s parent company sold $21 billion in bonds with low yields and attempted to sell $2.25 billion in stocks to shore up its finances; investors and depositors tried to pull $42 billion from SVB, prompting federal regulators to seize it on Friday
  • The U.S. Treasury and FDIC are working together to find a buyer for the U.S. subsidiary, while HSBC has already purchased the U.K. subsidiary
  • Wedbush analysts report minimal exposure of public companies to SVB’s implosion but speculate impact on startup/VC community going forward

Insurance Business Magazine: Will ChatGPT disrupt insurance? Insurtechs weigh in

  • Generative Artificial Intelligence (AI) language processing tool, ChatGPT, is gaining popularity in various industries, including insurance;
  • Insurers hope that ChatGPT’s “knowledge” & communication skills can assist customers with their queries and help them stay ahead of trends and needs;
  • Pros include the potential to automate non-core but essential tasks, while cons may include the inability to process context or nuance, limited ability to handle multiple tasks and biases based on the data it is trained on; 
  • has trained its own AI to handle insurance claims data & other companies are looking to harness its underlying technology for specific applications; 
  • ChatGPT has made AI capability tangible to many people and gets people more and more comfortable with using AI in their applications.

USA Today: Kia, Hyundai, Nissan and Toyota among 347,000 cars under recall: Check recalls here

  • Kia is recalling 188,912 of its newer K5 sedans over a potential issue that causes the side curtain airbags to deploy improperly, according to an NHTSA recall report.
  • The tonneau cover on 130,266 Toyota Tundra trucks could detach while driving and become a road hazard, according to an NHTSA report.
  • The steering wheel on over 1,000 Nissan Ariya vehicles may come off, according to an NHTSA report.

FDA: Stratford Care USA, Inc Recalls Omega-3 Supplements for Cats and Dogs Because of Possible Elevated Levels of Vitamin A

  • Stratford Care USA, Inc of Odessa, Florida is recalling multiple brands of Omega-3 Supplements for cats and dogs due to potentially elevated levels of Vitamin A.

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