Use of AI/Machine Learning to boost regulatory workflow and efficiency
Peter McLaughlin and Ashfin Islam, Armstrong Teasdale LLP explain the opportunities with Artificial Intelligence and Machine Learning.
Data protection regulators are facing a big data problem. Amid rapid innovation and steadily increasing rules across the regulated entity landscape, the fast-growing number of firms, disclosures and complaints they must manage is straining limited resources. SupTech, short for supervisory technology, is the application of emerging technologies to improve how a regulating or supervising agency in any sector – financial, export control, or data protection – conducts its regulatory duties. (Of course, the opposite side of SupTech is RegTech, which is focused on the use of tech to support an organization’s compliance efforts.) There are varying but similar definitions of SupTech. According to a World Bank Group report, SupTech “refers to the use of technology to facilitate and enhance supervisory processes from the perspective of supervisory authorities.” The Bank for International Settlements (BIS) defines SupTech as “the use of technology for regulatory, supervisory and oversight purposes.”
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