Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Weng joined <a target="_blank" class="" href="https://www.businessinsider.com/openai-public-benefit-corporation-safety-mission-sam-altman-chatgpt-agi-2024-10">OpenAI</a> in 2018 after working as a data scientist and software engineer at major Silicon Valley companies, including Meta (then Facebook), Dropbox, and Affirm. Weng, part of Business Insider's 2024 AI Power List, took over the preparedness team after its former leader Aleksander Madry was reassigned in July. The team is responsible for safeguarding against any major risks related to OpenAI's frontier models. It's part of a broader effort within the company to consolidate safety research under Weng, who also serves on the board's <a target="_blank" class="" href="https://openai.com/index/openai-board-forms-safety-and-security-committee/">safety and security</a> committee. As policymakers and consumers focus more attention on the security implications of high-powered AI models, Weng's role within the company is likely to become even more important.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Lilian Weng, vice president of research and safety at OpenAI, leads risk management for AI models

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

Artificial Intelligence (<keyword id="6355999" type="General" weightage="20" keywordseo="AI" source="Orion">AI</keyword>) represents a dual-edged sword in the modern technological landscape, bringing unparalleled innovation alongside significant risks. As AI continues to evolve, balancing its transformative potential with robust risk management frameworks becomes crucial to harnessing its benefits while safeguarding against its inherent dangers. On Tuesday (May 21), the <keyword id="1172943" type="General" weightage="20" keywordseo="Council-of-the-European-Union" source="Orion">Council of the European Union</keyword> took a significant step towards this balancing act, setting a global benchmark by approving a groundbreaking law aimed at harmonising rules on AI. This landmark legislation follows a ‘risk-based’ approach, meaning the higher the potential harm to society, the stricter the regulations. Here’s everything you need to know about the EU’s <keyword id="20946696" type="General" weightage="20" keywordseo="Artificial-Intelligence-Act" source="keywords">Artificial Intelligence Act</keyword>. <cmsannotation type="cmsannotation" annotationid="What is the aim of the AI Act?" comment="subhead" text="What is the aim of the AI Act?">What is the aim of the <keyword id="16351032" type="General" weightage="100" keywordseo="AI-Act" source="Orion">AI Act</keyword>?</cmsannotation> The law aims to foster the development and uptake of safe and trustworthy AI systems across the EU’s single market by both private and public actors, ensuring this fast-evolving technology can flourish and boost European innovation. Simultaneously, it aims to protect the fundamental rights of EU citizens while stimulating investment and innovation in AI across Europe. The AI Act also provides for an innovation-friendly legal framework and aims to promote evidence-based regulatory learning. It foresees that AI regulatory sandboxes—enabling a controlled environment for the development, testing and validation of innovative AI systems—should allow for the testing of innovative AI systems in real-world conditions. <cmsannotation type="cmsannotation" annotationid="How will the AI Act differentiate the risks of AI systems?" comment="subhead" text="How will the AI Act differentiate the risks of AI systems?">How will the AI Act differentiate the risks of AI systems?</cmsannotation> The legislation plans to categorise the AI systems according to their risk levels. AI systems with limited risk will face minimal transparency obligations, whereas high-risk AI systems will need to meet a set of stringent requirements and obligations to gain access to the EU market. For instance, AI systems such as cognitive behavioural manipulation and social scoring will be banned due to their unacceptable risk levels. The law also prohibits using AI for predictive policing based on profiling and systems that use biometric data to categorise people by race, religion or sexual orientation. <cmsannotation type="cmsannotation" annotationid="Who will the AI Act apply to?" comment="subhead" text="Who will the AI Act apply to?">Who will the AI Act apply to?</cmsannotation> The new legislation will be primarily applicable to the 27 members of the <keyword id="19895384" type="General" weightage="20" keywordseo="European-Union" source="keywords">European Union</keyword>. However, its impact will have a global reach, far beyond the 27-country bloc. According to a Reuters report, companies outside the EU that use EU customer data in their AI platforms will need to comply. Other countries and regions are likely to use the AI Act as a blueprint as well. <cmsannotation type="cmsannotation" annotationid="How will the AI Act enforce the rules?" comment="subhead" text="How will the AI Act enforce the rules?">How will the AI Act enforce the rules?</cmsannotation> To ensure proper enforcement, several governing bodies will be established. These include: <ul><li>An AI Office within the European Commission to enforce common rules across the EU.</li><li>A scientific panel to support enforcement activities.</li><li>An AI Board with representatives from member states to advise on the consistent application of the AI Act.</li><li>An advisory forum for stakeholders to provide technical expertise to the AI Board and the Commission. </li></ul><cmsannotation type="cmsannotation" annotationid="How will the rulebreakers be penalised?" comment="subhead" text="How will the rulebreakers be penalised?">How will the rulebreakers be penalised?</cmsannotation> The fines for infringements to the AI Act are set as a percentage of the offending company’s global annual turnover in the previous financial year or a predetermined amount, whichever is higher. SMEs and start-ups are subject to proportional administrative fines. <cmsannotation type="cmsannotation" annotationid="When will the AI Act be implemented?" comment="subhead" text="When will the AI Act be implemented?">When will the AI Act be implemented?</cmsannotation> After being signed by the presidents of the European Parliament and of the Council, the legislative act will be published in the EU’s Official Journal in the coming days and enter into force twenty days after this publication. The new regulation will apply two years after its entry into force, with some exceptions for specific provisions.

Artificial Intelligence Act: All you need to know about the European Council’s first worldwide rules on AI

<ul class="summary-list"><li>Davis Clarke, a risk management advisor at Citizens, has gained quite a following on social media.</li><li>His motivational videos are all about bringing positivity to the everyday routines of office life.</li></ul>You don't have to look far on social media to find people who are sick and tired of their office jobs.But one office worker has gained a following for his unabashedly upbeat and positive content. And his videos aren't anything crazy — they're all about his daily commute, quarterly meetings, spreadsheet certification, and the other mundanities of the 9-to-5 workday.Davis Clarke, who works at Citizens Bank in Boston, has become something of a social media sensation with his <a target="_blank" href="https://www.instagram.com/davis.clarke/?hl=en">Instagram</a> videos, amassing 700,000 followers over the last few months. His content is overflowing with motivational content, to the point of corniness or even cringe-worthiness.But Clarke says he's not focused on trying to build his audience."I'm not an influencer," he insisted to Business Insider, who met up with Clarke on one of his lunch breaks. If his message of unfailing, everyday positivity resonates with people, it's because they can probably relate to his unremarkable routine.In one <a target="_blank" href="https://www.instagram.com/reel/C6EGfe1uLTZ/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">video</a>, he's walking through downtown on a Monday morning, ready to start "hammering spreadsheets and chugging waters." In <a target="_blank" href="https://www.instagram.com/reel/C3sScVWup-W/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">another</a>, he's in the office on a Friday. "The heavy hitters of America are about to be shaking in their boots," he tells the camera, "seeing that the young people are actually motivated to work." "Everyone now has to study, they have to work," he told BI. "And so I'm just going in and saying, 'Hey, it's gonna be a good day.'"In just a few months, the 27-year-old risk management advisor has found himself getting recognized offline. While meeting with BI in Boston, Clarke was approached by several people walking by, including a college student, an Amazon tech worker, and a middle-aged lawyer, who all asked for selfies."It's just inspiring. That's it," Ryker Puls, the Amazon employee on vacation from Seattle, said of Clarke's content.Invariably, Clarke will ask his fans about their day, where they work, and maybe even the name of their dog. After a few minutes of conversation, he'll often urge them to "stay locked in" or "get fired up."Tom Ranucci, an IT worker and food blogger, met Clarke at the University of Massachusetts at Amherst. He described Clarke was "full of energy," someone excited to meet anyone and everyone and chat about anything and everything."He's the exact same person" in real life, Ranucci told BI.The two stayed in touch after college thanks in part to their shared interest in running (Clarke's explosive finish at the Boston Marathon last month went <a target="_blank" href="https://www.boston.com/news/boston-marathon/2024/04/17/davis-clarke-boston-marathon/">viral</a>). Ranucci never expected his friend's social media following to skyrocket the way it did earlier this year — though he wasn't surprised that the message found an audience."In my mind, it was only a matter of time," he said.For his part, Clarke never expected to become a phenomenon. Besides a barely-used Facebook account, his digital footprint was almost nonexistent until a class project his freshman year of college. The assignment? Build a social media account and use it to show the world the values he cared about."When I first set out, I truly just wanted to get people confident and fired up to go after their goals. I try to stay true to that vision," he said.He isn't under any illusions about the nature of his content. Clarke knows there are people out there doing "way more" interesting things than his daily routine."I think just showing normal life, and the good side of it, is what gets people going," he said. "And it's interesting because so many people out there are working hard, doing all these same things every day."His positive outlook doesn't mean everybody loves his content. Some doubt that he, or anyone, can seemingly always be so genuinely enthusiastic. Other commenters just think it's repetitive or annoying.But Clarke says he's not worried about the hate — and, if anything, he's glad that it's getting more people to engage with his content."It just gives me a chance to say, 'Hey, we're going to try to take someone who's negative and make them pause. Let's show them what we're doing, show them why we're doing what we're doing.' Just try to earn their respect."He added that he thinks some of the comments are good-natured trash talk, rather than people being "genuinely mean.""Some people say the comments are like a community of their own, so maybe that's good," he said. "People will be creative, they'll come up with funny things like they'll be like 'bad day to be a spreadsheet,' 'bad day to be a whatever.' I don't think I ever came up with that at all. "Ranucci said he "certainly" thinks that Clarke's content gets people to approach their boring, everyday routine differently, "just because how infectious his energy is.""It's contagious," he told BI. "It's like a laugh.""People see that and, you know, it's hard to not to join right in, and take that same love and passion into what they're doing" in their own lives, he added.

This 'locked-in' risk management advisor gets his followers hyped about 'hammering spreadsheets' and quarterly meetings

<ul class="summary-list"><li>Goldman's George Lee said AI will empower non-technical workers, including those in risk management.</li><li>The history major turned tech banker said AI enhances skills like critical thinking, creativity, and logic.</li></ul>A longtime tech banker with a history degree says AI could be a boon for non-technical workers.George Lee, the co-head of applied innovation at Goldman Sachs, told Bloomberg Television on Tuesday that he thinks AI will lead to the "revenge of the liberal arts" in the workforce."Some of the skills that are really salient to cooperate with this new of intelligence in the world are critical thinking, understanding logic and rhetoric, the ability to be creative," Lee said. "AI will allow non-technical people to accomplish a lot more — and, by the way, begin to perform what were formerly believed to be technical tasks."Lee, who studied history at Middlebury College and got an MBA from the Wharton School of the University of Pennsylvania, sits on liberal arts-focused Middlebury's board of trustees. He joined Goldman in 1994 after his MBA and was previously the firm's co-chief information officer.Lee told Bloomberg that AI could help people who are focused on operations and risk management.As regulatory requirements have intensified globally and threats like cybersecurity take center stage, banks' risk management teams have swelled. In an annual bank risk management <a target="_blank" href="https://www.ey.com/en_gl/industries/banking-capital-markets/ey-iif-global-bank-risk-management-survey">survey</a> by EY and the International Institute of Finance released in February, a majority of banks said they're already using AI to monitor fraud and credit risk.AI is increasingly seen as a threat to knowledge workers, including investment bankers. Junior investment-banking analyst classes — a highly-paid, high-stress job — could be <a target="_blank" href="https://www.businessinsider.com/ai-job-cuts-finance-wall-street-investment-banking-analysts-hiring-2024-4">cut by as much as two-thirds</a>, while those who make it into the banks could be paid less for jobs assisted with AI.As Business Insider has previously reported, banks from <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/goldman-sachs-investment-bank-automation-bankers-dealmaking-2021-7">Goldman Sachs</a> to <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/deutsche-bank-to-launch-generative-ai-tools-hire-hundreds-engineers-2023-9">Deutsche Bank</a> have been exploring ways to streamline tedious tasks often assigned to junior investment bankers, like updating charts for pitch books or company valuation comparison tables.A Goldman spokesperson previously told BI the bank has no plans to scale back its incoming class.

AI is leading to the 'revenge of the liberal arts,' says a Goldman tech exec with a history degree

<ul class="summary-list"><li><keyword id="12475217" type="UNKNOWN" weightage="60" keywordseo="seth-klarman" source="Orion">Seth Klarman</keyword> discussed the key principles and strategies that power his investing approach.</li><li>The <keyword id="12475218" type="UNKNOWN" weightage="60" keywordseo="baupost-group" source="Orion">Baupost Group</keyword> boss searches far and wide for winning assets, and always limits his losses.</li></ul>Seth Klarman delved into his investing philosophy, outlined his approach to finding bargain assets, and revealed how he's been preparing his analysts for a <keyword id="12211354" type="UNKNOWN" weightage="60" keywordseo="bear-market" source="Orion">bear market</keyword> in a <a href="https://www.youtube.com/watch?v=Kht3dUV6LQE">rare interview</a> with Harvard Business School.The billionaire boss of Baupost Group — who's been <a href="https://markets.businessinsider.com/news/stocks/seth-klarman-baupost-warren-buffett-bought-google-facebook-stock-2020-5-1029205652">heralded as the next Warren Buffett</a> — also explained why he casts a wide net in his search for winning assets, warned against excessive risk-taking, and asserted that investing has become trickier over time.<h2>Here are Klarman's 12 best quotes, lightly edited for length and clarity:</h2>1. "Our approach is, 'Let's look a mile wide, let's look at everything that we can possibly figure out.' Then we find something that seems like it might be a bargain, an inefficient pricing, and we go a mile deep."2. "We look between the silos. We look for cracks, we look for things leaking out, and we look for things that can't be easily siloed. There are fewer competitors in those, and if I love one thing, it's the lack of competition."3. "When you just know a certain kind of company, or you only know 20 <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> well, it's the hammer-and-nail problem that you know those things really well, but you don't know anything about anything else. You have no perspective to say, 'Well, this is the best of those biotech stocks that I look at, but maybe even the best of them is not nearly as good as those stocks over there.'"4. "When I'm running a portfolio, I want to make the same decisions in July as I do in January. I want to make them whether the market is up or down, I want to make them whether my fund is up or down, I want them the same at 8 a.m. on a Friday and 4 p.m. on a Monday."5. "I'm of the view that every stock is a potential buy at one price, a hold at another price, and a sell at a higher price. What that means is that risk is related to what you pay, not just to what you buy."6. "<keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword> never tried to make the most money. He never tried to get rich quick, he tried to get rich slow. That's what <keyword id="12981784" type="UNKNOWN" weightage="60" keywordseo="value-investing" source="Orion">value investing</keyword> is — it's a philosophy that stays away from the hot, flashy, trendy investments and focuses more on never losing big."7. "Getting your capital back and trying to make a return — if I had to choose one of those, I'd always choose getting your capital back because you live to play another day. Losing money is a real challenge because it can be very, very hard to make it back. You always want to be thinking about not blowing up, not getting too far over your skis." (Funds that incur large losses often suffer further headaches in the form of client redemptions, higher employee turnover, recruitment challenges, and margin calls, Klarman said.)8. "If we buy something and it goes down, you look at it, and you check and recheck your work, and then if nothing's different, you should like it more — it's a better bargain. It's like the sweater you bought yesterday going on sale today. You might be frustrated that you bought it yesterday, but what you should do is stock up, and we do that with stocks and bonds."9. "A bull market teaches one kind of lesson, a bear market teaches very different lessons. I work really hard to make the team understand that there'll be a day when everything you buy goes down, everything you waited on will seem like a heroically good decision, and everything you thought about selling and didn't will make you [feel like a fool]. You'll also start to lose confidence in yourself, because everything you thought now looks wrong, so suck it up and deal with that."10. "Even in the last few months, my team has come up with investments that nobody knew would trade, nobody knew anybody would write that policy, and nobody knew that anybody would agree to that contract. You need to be out there, you need to always be on your toes with your analytical skills finely honed. You're always thinking, you're always hanging by the hoop, because something interesting might happen."11. "I pat myself on the back and say, 'Okay Seth, you were a schmuck 20 years ago and 10 years ago for not figuring it out, but you were smart to figure it out five years ago.'" (Klarman was discussing how value investors have largely overlooked Amazon and other fast-growing technology companies.)12. "Investors have had to raise their game massively in the last several decades. I know I have, and I'm not done raising it, and I probably haven't raised it as high as it needs to be." (Klarman argued that investors today face more uncertainty about macroeconomic forces, market volatility, and how technology is reshaping industries.)Read more: <a href="https://www.businessinsider.com/oil-price-why-crude-could-rise-further-and-stay-high-ubs-2022-6?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">As inflation flares and the Fed hikes rates, UBS explains why it sees a 'higher for longer' oil price, and lays out how investors can capitalize on it</a>

Value investor Seth Klarman explains how he finds bargains, prepares for a bear market, and limits his losses in a new interview. Here are the 12 best quotes.

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>The SEC will mandate companies to release climate risk disclosures.</li><li>The disclosures will standardize environmental impact reporting across companies. </li></ul>The US Securities and Exchange Commission is voted Wednesday to require companies to release climate risk disclosures. The policy will compel companies to be more transparent about their <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">environmental impacts</a> with <a target="_blank" href="https://www.businessinsider.com/climate-action-30-global-leaders-climate-solutions-2023-11">investors and the public</a>.Under the disclosure, public companies will have to release their greenhouse gas emissions, environmental risk impacts, and risk management strategies. Companies will also have to comply between 2025 and 2033 — depending on the type of company, its size, and whether it is foreign or domestic.The rule comes as the <a target="_blank" href="https://www.businessinsider.com/how-the-climate-crisis-can-change-make-economy-better-resilient-2023-9">global cost of climate change </a>has risen significantly. Climate events like wildfires, floods, hurricanes, and extreme temperatures cost about $16 million an hour in damages between 2000 and 2019, <a target="_blank" href="https://www.weforum.org/agenda/2023/10/climate-loss-and-damage-cost-16-million-per-hour/#:~:text=Follow-,The%20global%20cost%20of%20climate%20change%20damage%20is%20estimated%20to,climate%20change%20become%20more%20severe.">per the World Economic Forum</a>. Over 371 weather and climate disasters in the US since 1980 have <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">topped $1 billion</a> in damage.<a target="_blank" href="https://www.sec.gov/files/rules/interp/2010/33-9106.pdf">In 2010</a>, the SEC set climate reporting guidelines. The specific disclosure rule was first introduced in March 2022, and the SEC has since received over <a target="_blank" href="https://www.sec.gov/news/speech/gensler-remarks-fsoc-climate-072823">15,000 comments</a> from experts, corporate leaders, and the public about the proposal."I'm pleased to support this adoption because it <a target="_blank" href="https://www.businessinsider.com/wall-street-giants-jpmorgan-pull-back-climate-initiatives-2024-2">benefits investors</a> and issuers alike," SEC Chair Gary Gensler said at the March 6 meeting. "It would provide investors with consistent, comparable, decision-useful information, and issuers with clear reporting requirements."<h2>Climate disclosure will create a standardized way for companies to report environmental impact</h2>Previously, companies only disclosed their climate impact information on a voluntary basis. There has been <a target="_blank" href="https://www.sec.gov/files/rules/interp/2010/33-9106.pdf">no standardized way</a> to report climate data, and many companies used different metrics or chose not to report at all.SEC documents reviewed by BI show that the disclosure will require companies to share how climate conditions affect their business strategy, operations, and financial condition.Their reported information must include direct emissions like manufacturing and indirect emissions like energy use.Companies will not be required to report emissions from supply chains and product consumers, SEC members said on Wednesday. The supply chain disclosures were in <a target="_blank" href="https://www.sec.gov/news/press-release/2022-46">the original rule proposal</a>, but not adopted. For companies that sell many products or finance infrastructure — like food companies, oil and gas majors, and big banks — these emissions <a target="_blank" href="https://www2.deloitte.com/uk/en/focus/climate-change/zero-in-on-scope-1-2-and-3-emissions.html">are often the biggest chunk of their overall carbon footprint</a>.Steven Rothstein, managing director of Ceres Accelerator for Sustainable Capital Markets — a nonprofit that works on corporate and investor sustainability solutions — told Business Insider that without the SEC's climate disclosure, environmental information was available but was not consistently reported or easy to compare companies."We believe you can't manage a problem if you can't measure it first," Rothstein said.<h2>The disclosure is not an environmental protection law, but it will increase transparency</h2>However, the climate disclosure rule won't necessarily require companies to use sustainable business practices, Rothstein said."If a company wants to waste water, energy, and pollute, there's nothing in this rule that would prevent them from doing that," Rothstein said. "This is not an environmental protection law, it is a disclosure law."Still, Rothstein said the increased availability of corporate information to the public will better inform investors and might motivate journalists and public employees to act.Bryan McGannon, managing director of the nonprofit sustainable investment forum US SIF, said the climate disclosure is "a really good first step" toward increasing transparency.Disclosures will give investors and the public a better understanding of how individual companies are understanding and addressing climate risks, he said."I think that there's going to be very valuable for investors to use this information to get that better understanding — and understand if the company is taking it seriously," McGannon said. "Are they identifying all the risks?"McGannon said there is a lot of climate reporting that is not being done right now, and the disclosures will allow investors to better digest a company's climate data and make good investment decisions.If a company's disclosure is wrong or incomplete, <a target="_blank" href="https://www.cnbc.com/2024/03/04/the-sec-votes-this-week-on-controversial-climate-change-rule-heres-whats-at-stake.html">CNBC reported</a> that it could be sued by the SEC. The SEC might also be facing litigation from corporate America, which hopes to challenge the new climate disclosure in court, McGannon said.Some companies might be concerned about the potentially high costs of gathering data and complying with the disclosure, SEC officials said.Business lobbyists and <a target="_blank" href="https://www.theguardian.com/environment/2022/sep/15/republicans-climate-rules-legal-challenge-allow-emissions">Republican lawmakers</a> have also opposed the disclosure requirements, while many <a target="_blank" href="https://news.bloomberglaw.com/esg/sec-climate-rules-risk-legal-battle-with-environmental-groups">climate advocates</a> say the environmental disclosures requirements should be stronger.The SEC's disclosure rule comes alongside increasing climate legislation across the country.Last fall, California Gov. Gavin Newsom <a target="_blank" href="https://calmatters.org/environment/2023/09/california-corporate-climate-impacts-bill/">signed two bills </a>that required large companies to biennially report their financial risks from climate change, and their global emissions of carbon dioxide and other planet-warming greenhouse gases.<a target="_blank" href="https://www.michigan.gov/egle/newsroom/mi-environment/2023/11/28/michigan-becomes-a-national-leader-in-climate-action-with-new-legislation">Michigan</a> also recently introduced a <a target="_blank" href="https://www.michigan.gov/egle/about/organization/climate-and-energy/mi-healthy-climate-plan">Healthy Climate Plan</a> and passed the <a target="_blank" href="https://www.michigan.gov/whitmer/news/press-releases/2023/11/28/governor-whitmer-signs-historic-clean-energy-climate-action-package">Clean Energy and Jobs Act </a>— legislation with paths toward carbon neutrality for the state.

Companies are required to disclose their climate impact, SEC says

<ul class="summary-list"><li>Sam Bankman-Fried said FTX might not have collapsed if he'd spent "an hour a day" assessing risks.</li><li>"I wasn't spending any time or effort trying to manage risk on FTX," the crypto mogul told ABC News.</li></ul>Sam Bankman-Fried said that if he'd spent "an hour a day" thinking about risk management, he could have prevented FTX's collapse earlier this month.In an interview with <a href="https://www.goodmorningamerica.com/news/story/ftx-crypto-collapse-ceo-sam-bankman-fried-denies-94215046">ABC News' George Stephanopoulos</a>, Bankman-Fried said on Monday that the crypto exchange's failure was ultimately down to his problems with risk management."There is something maybe even deeply wrong there, which was I wasn't even trying," the crypto mogul said. "Like, I wasn't spending any time or effort trying to manage risk on FTX and that that was obviously a mistake.""If I had been spending an hour a day thinking about risk management on FTX, I don't think that would have happened," he added. "And I don't feel good about that.""I think I stopped working as hard for a bit. Honestly, if I looked back on myself, I think I got a little cocky, maybe more than a little bit, and I think part of me felt like we'd made it," Bankman-Fried added.Just a month ago, FTX was one of the world's biggest crypto exchanges. But its rise suddenly came to a halt in early November, when a bombshell <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" rel=" nofollow">CoinDesk</a> report revealed that most of the assets of Alameda Research, a trading firm set up by Bankman-Fried, were tied up in FTX's in-house token, FTT.Just days later, FTX rival Binance announced that it would sell its FTT holdings, and other traders quickly scrambled to withdraw their own holdings, too.Binance offered to bail FTX out, but then went back on its decision. FTX and Alameda Research, as well as dozens of affiliated companies, have begun Chapter 11 bankruptcy proceedings, and Bankman-Fried <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-sam-bankman-fried-ceo-crypto-binance-alameda-markets-2022-11">stepped down from his position as FTX's CEO</a> on November 11."I now have a lot more of a sense of, you know, operationally what I did wrong and what I should have done better," Bankman-Fried told Stephanopoulos. "But why wasn't I on top of my game?""Some part of it was just literal distraction," he continued, noting that he should have spent some time each day "taking a step back.""It was only in the last month that I put together the magnitudes of everything," Bankman-Fried added.New CEO John J. Ray has said that under the previous leadership the company had a <a href="https://www.businessinsider.com/ftx-collpase-sam-bankman-fried-john-rays-bankruptcy-filing-attack-2022-11" rel="">"complete failure of corporate controls,"</a> with criticism of its "inexperienced" execs, poor book-keeping, and untrustworthy financial statements."I made a lot of mistakes," Bankman-Fried <a href="https://www.businessinsider.com/sam-bankman-fried-dealbook-collapse-crypto-ftx-markets-economy-bankruptcy-2022-11">said</a> at The New York Times' DealBook Summit on Wednesday. "There are things I would give anything to be able to do over again. I didn't ever try to commit fraud on anyone."

Sam Bankman-Fried said that if he'd spent 'an hour a day' thinking about risk management FTX might not have collapsed

<ul class="summary-list"><li>Markets are probably overreacting to the October inflation data, according to Jamie Dimon.</li><li>Tuesday's softer-than-expected CPI number sparked a stock-market rally, with the S&amp;P 500 jumping 2% in a single session.</li></ul>The Federal Reserve shouldn't call time on its inflation fight just yet, according to Jamie Dimon.The <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan Chase</a> CEO said Tuesday that investors were probably "overreacting" to Tuesday's <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">Consumer Price Index report</a>, which showed that prices rose at a softer-than-expected rate of 3.2% year-on-year in October.Stocks soared after that number came in, with both the benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and tech-heavy <a href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq Composite</a> jumping 2% in the space of a single session, while <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury bond yields</a> extended their retreat away from 16-year highs."Personally, I think people are overreacting to short-term numbers and they should stop doing that… I think inflation's probably a little stickier than that shows," Dimon told <a href="https://www.bloomberg.com/news/articles/2023-11-14/jpmorgan-s-dimon-says-inflation-might-not-go-away-that-quickly?srnd=premium" target="_blank" rel="noopener">El Financiero Bloomberg TV</a>, shortly after the data was published.Since March 2022, <a href="https://markets.businessinsider.com/news/stocks/stock-market-charts-crash-federal-reserve-interest-rates-bonds-crypto-2023-6">the Fed has raised interest rates</a> from near-zero to around 5.5% in a bid to clamp down on soaring prices, and that's helped inflation to cool toward its 2% target.But Dimon – who in September predicted <a href="https://markets.businessinsider.com/news/stocks/jamie-dimon-warns-7-interest-rates-possible-are-you-prepared-2023-9">borrowing costs could spike to 7%</a> – warned that the central bank shouldn't be ready to call time on its tightening campaign just yet."I think they're doing the right thing to pause for now, they've raised rates a lot, to wait to see the effect on the economy and the US, particularly as the excess fiscal spending is winding down and quantitative tightening is kicking in, but I still think you should be prepared that they might have to do a little bit more, just as a risk management tool," he told Bloomberg."I'm afraid inflation may not go away that quickly," Dimon added.The JPMorgan boss isn't the only big name on Wall Street telling markets not to put too much stock in Tuesday's CPI print.Billionaire Citadel founder Ken Griffin also flagged the risk that inflation stays sticky Tuesday, telling <a href="https://www.bloomberg.com/news/articles/2023-11-14/griffin-says-fed-s-credibility-at-risk-if-it-cuts-rates-too-soon" target="_blank" rel="noopener">Bloomberg</a> that the Fed will only retain its credibility if it puts across "the message that they will put the inflation genie back in the bottle".

You Searched For "risk management" and got 9 results

Lilian Weng, vice president of research and safety at OpenAI, leads risk management for AI models

Darius Rafieyan

SEBI asks mutual fund industry to proactively conduct stress test

PTI

Artificial Intelligence Act: All you need to know about the European Council’s first worldwide rules on AI

Kunal Kambli

This 'locked-in' risk management advisor gets his followers hyped about 'hammering spreadsheets' and quarterly meetings

Camilo Fonseca

AI is leading to the 'revenge of the liberal arts,' says a Goldman tech exec with a history degree

Meghan Morris

Value investor Seth Klarman explains how he finds bargains, prepares for a bear market, and limits his losses in a new interview. Here are the 12 best quotes.

Theron Mohamed

Companies are required to disclose their climate impact, SEC says

Allie Kelly,Catherine Boudreau

Sam Bankman-Fried said that if he'd spent 'an hour a day' thinking about risk management FTX might not have collapsed

Grace Dean

JPMorgan boss Jamie Dimon warns it's too early for a Fed victory lap, as inflation 'may not go away that quickly'

George Glover

Popular Keywords

Buying Guides