RWANDA Trends and Developments Contributed by: Molly Rwigamba, Happy Mukama, Dominic Ococ and Erick Mugisha, RR Associates
regular renewal of board composition and supports the introduction of relevant expertise. These measures strengthen the ability of boards to supervise manage - ment and respond to evolving risks. Despite these advancements, important gaps remain in the governance framework. There is no specif - ic legislation governing artificial intelligence in the financial sector, and the legal framework for virtual assets is not yet in force. This creates uncertainty in areas such as accountability for automated decision- making, risk management standards, and supervisory co-ordination. Addressing these gaps through clear and enforceable legal provisions will be necessary to ensure that the ongoing developments in the financial sector are effectively governed and aligned with exist - ing regulatory structures.
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