The UK Financial Conduct Authority (FCA) says that, as it adopts new technologies, data will be the ‘blood flow’ of the organization and will help staff to hone their expertise. Speaking at the Association of British Insurers’ annual conference last week, Ian Phoenix, director of digital and intelligence at the FCA, discussed how the regulator will leverage data to maximize its value.
"There are two different lenses to look at. Data science - a comprehensive process that comes in many aspects of data processing according to regulatory compliance, visualization," he said. “By contrast, AI is the implementation of a model to predict the future state of the world. It is increasingly used across financial markets. AI also helps in explaining how we use techniques for our own supervision, enforcement purposes, but also financial markets.”
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