AIR is a global nonprofit leveraging digital modernization to help build a financial system that serves everyone and produces widespread financial health.
Digitization is transforming finance. “Responsible innovation” can help solve systemic ESG challenges – financial exclusion, race and gender bias, predatory practices, financial crimes like human trafficking, and climate change. At the same time, innovation can threaten privacy, security, and fairness.
Founded by Jo Ann Barefoot and David Ehrich, AIR helps regulators and risk managers counter these dangers and optimize the financial system for the digital age. Neither a trade group nor member-based organization, AIR is a non-partisan 501c3 working with governments, consumer advocates, fintechs, regtechs, financial institutions, NGOs and academics throughout the world to advance fair finance.
Given to a woman whose achievements and work in fintech-related areas of financial services have helped enhance the sector or raise its profile as a career for women. Through education, leadership, mentoring, coaching or acting as a role model.
AIR CEO and Co-Founder Jo Ann Barefoot included in Forbes 50 over 50: Investment. These 50 women are shaping the future of finance, fueling high-growth businesses and forging a more fair and inclusive financial future.
AIR, the Alliance for Innovative Regulation, announced that as of September 1, Nick Cook, former head of innovation at the UK Financial Conduct Authority (FCA), is joining AIR as Head of Global Strategy and Partnerships. He will lead the AIR Accelerator and TechSprint strategy and, based in London, will anchor much of AIR’s global work.
Best of Both Worlds: Goldman Sachs’ Stephanie Cohen
Stephanie Cohen is Global Co-Head of Consumer and Wealth Management, Goldman Sachs. In that role, she co-leads Goldman’s digital bank, Marcus. We have talked on the show before — and we do so again today — about the uniqueness of Marcus. It’s a rare hybrid: a wholly new financial company, created by an old one — in this case, by one that is 152 years old.
As digitization and software transform how the world engages in financial activity, it’s time to ask whether regulators have the culture, tools, and technology needed to keep pace. Some have argued that regulators need to become more like the quantitative and digital firms that they regulate by leveraging next-generation technologies and talent. Using status quo approaches, can financial regulators detect risks in fast-changing markets, including those related to cybersecurity, fraud, financial crime, and trading manipulation? Can they properly monitor, detect, and assess bias in consumer-facing models? This program sought to answer these questions in two ways.
AIR partnered with Google to host a webinar, ‘AI and Financial Regulation: Exploring Benefits and Managing Risks’. Artificial intelligence and machine learning (AI/ML) are transforming the way financial services institutions monitor and mitigate risk and ensure regulatory compliance. The discussion included policymakers, thought leaders, technologists, and AI/ML subject matter experts to learn more about AI/ML advances, regulatory considerations, and ways to maximize the benefits and mitigate the risks of these new technologies.
AIR partnered with Consumer Reports and Consumer Federation of America to host a virtual convening on three hot issues in emerging consumer financial services. We gathered thought leaders from all corners of the money ecosystem to discuss consumer financial data permissioning, cryptocurrencies and new forms of lending. Is innovation bad for consumers? Panelists included academics, advocates, business leaders, and regulators about the benefits of new technology and how we can create a marketplace where fair financial services predominate.