Advancements in technology are promising to revolutionize the practice of banks’ compliance with legal and regulatory requirements, and of banking supervisors’ ability to spot risks at individual banks and in the system as a whole at an earlier stage and to respond to those risks more efficiently with less staff time. This brief, intensive seminar will feature a “roundtable” format of central bank / monetary authority officials, together with industry professionals, to sort through the hype and arrive at firm conclusions about the most promising near-term innovations, including those that are already being utilized in financial institutions and their regulators around the world. Possible topics include: the use of technology by banks for more efficient and risk-focused AML/CFT compliance; the utilization of a broader range of indicators (including nonfinancial indicators) for the assessment of current or potential borrowers’ credit risk; the use by regulators of natural language processing to read through voluminous bank documents; the potential of technology to reduce regulators’ Type I and Type II errors in reviewing suspicious activity reports; and the potential of big data to aid supervisors’ identification of potential problems in bank loan portfolios.
Upon completing the seminar, participants will know the range of bank regulatory compliance tasks that can be made easier and more effective with the use of technology; understand clearly the differences between artificial intelligence, machine learning, and other technology concepts; gain insight into the most promising areas of development in both regulatory technology (RegTech) and supervisory technology (SupTech); and, it is hoped, be able to bring back that knowledge to push forward workable innovations at their respective organizations.
The seminar is geared toward upper-level management at central banks / monetary authorities, including heads of departments, Assistant Governors, Deputy Governors, and senior advisors. An intensive interest, but no prior knowledge, of FinTech, big data, RegTech, and SupTech is required. Although the course is geared primarily towards banking regulatory and supervisory officials, officials in ITC, financial innovation, change management, and other area responsibilities where technology is utilized may also attend.
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