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.
First, Presidential Medal of Freedom winner and “father of the internet” Vint Cerf looked back to the Internet’s roots and the importance of technological infrastructure to draw lessons for governments today. Then former FCA innovation head Nick Cook asked a panel of some of the world’s top regulatory innovators to share their experiences and vision for how agencies must change — and the key mistakes to avoid.
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