Future Data-Driven Regulation – White Paper
Banks spend $270 billion per year on compliance; some 10 percent or more of operating costs . The global cost for the financial services sector is probably $trillions. Consequently, governments increasing see ‘data-driven’ automation as essential for efficient/effective regulation and conferring competitive economic advantage.
This paper has been written by our CEO Sally Sfeir-Tair and Chairman Philip Treleaven to help Regulators understand the opportunities of data science for regulatory automation (e.g. computer-executable regulatory handbooks); and emerging regulatory challenges (e.g. Regulator data access, algorithm interpretability).
It includes, for context, introductions to key ‘RegTech’ data science technologies; such as machine learning, blockchain, digital object identifiers and federated learning. Finally, it presents the UK Government-funded RegNet project, a privacy-preserving data analytics platform and infrastructure.
We’re keen to hear all thoughts and comments below on the specific data challenges you face and/or the opportunities you see.
