The regulatory leap into big data and machine learning: Practical advice for compliance officers

Bo Howell
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Bo Howell: Cofounder and CEO, Joot, USA

Journal of Financial Compliance, 2022, vol. 6, issue 1, 57-70

Abstract: The domain of big data encompasses several buzzwords, including artificial intelligence, machine learning, emerging technologies and big data itself. Across industries, new technology generates both fascination and fear, but factors that drive innovation vary widely from industry to industry. The financial services industry is characterised by an ambivalence toward innovative technology, with many financial services firms embracing it and many more regulatory compliance professionals resisting it. This paper is divided into two parts: Part 1 describes the state of regulatory technology in financial services and Part 2 offers practical advice for compliance officers seeking to implement innovative technology projects at their firms, particularly using machine learning applications. The paper concludes with suggestions for future research and practice.

Keywords: big data; data analytics; artificial intelligence; machine learning; RegTech; Securities and Exchange Commission (SEC); small and middle-sized businesses (SMBs) (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2022:v:6:i:1:p:57-70

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