As the rise of AI continues to provide regulators with food-for-thought, the ongoing debate about necessary regulation of the technology continues in tandem.
In a discussion as a part of the Professional RegTech Certificate, FCA former head of central data services Steven Green, Bank of England head of data collection transformation team Angus Moir and Vizor SupTech product director Joanne Horgan discussed AI regulation as well as a number of key topics in regulatory reporting and data management.
For many companies, the spectre of AI regulation is providing companies with a flurry of new challenges to consider. What should they look out for?
Green explained, “You need to understand what data is being used and how you’re building your models that leads to whatever outcome your AI or various data science initatives lead you to.
“We have the same challenges internally around that transparency where we need to understand what data we’ve got, what quality it is at and what level of trust, therefore, that infers, in any decision making that might come from the AI. Is it decision support rather than decision making? In that case, the bar is a bit lower because you’ve got human judgement at the end,” said Green.
How are regulators going to balance regulation of AI and not stifle the innovation of RegTech companies?
To listen to the whole discussion, enrol in the Professional RegTech Certificate.
About the Professional RegTech Certificate
The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.
The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.
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