The role of data sharing and data privacy controls in an AI world

With the rise of data and AI climbing in tandem, the growth of both is leading to a question – how do these two groups intersect?

In a recent discussion, former HSBC global risk and global finance chief data officer Rick Hawkins and FBNBank former chief data officer Santiago Castro discussed the topic in greater detail.

A key question being asked currently is – are banks still trying to figure out how to protect our data?

On this question, Hawkins said, “We’re not still trying to figure it out. As a bank, as you would imagine, we’ve got very strong frameworks and protection of our customer data. Remember, banks were subject to all sorts of incredibly regulated subject all sorts of regulations way before GDPR.

“A key area was cybersecurity concerns over data leakage controls, which are really strong in this space. I think the essence of the challenge comes from some of those aspects around the consent and the right to be forgotten.

“Some of those aspects, in an interesting way, end up contradicting some of the things we have to do. In terms of AML for prevention, I can’t just forget about things that have happened and apply for a credit card and then asked to be forgotten – there’s a contradiction about some of the things that we have to do.”

As we go forward, what will the role be of data sharing and data privacy controls in a world dominated by AI?

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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