ICYMI: Bill Coen, former Secretary General of the Basel Committee on Banking Supervision, appeared on the NAB Digital Next podcast late last year to discuss the changing regulatory technology (regtech) landscape. In his conversation with Brad Carr, NAB Executive of Digital & Data Governance, Coen explained how regtech — including data science and AI — can improve compliance and risk management in the banking sector.
"Having effective strategic risk planning trumps everything," he said. "It is existential... [I]f you are in the c-suite or on the board, you have got to have good data and good analytics."
Coen stressed that tempering data science and analytics with human judgment is vital in improving business strategy and risk management. And artificial intelligence can be a key enabler for operational efficiency, compliance, and fighting financial crime.
Coen also emphasized the role of regulators in keeping up with innovation. There is also a clear recognition among regulatory and monetary authorities globally that they need to adopt new technologies to fulfill their mandates effectively.
See Bill Coen's interview from our 2022 Compendium here to read about his views on the importance of governance and its impact on performance and stability.
Also from our Compendium, read our interview with NAB's Group COO, Les Matheson, here to learn more about NAB's approach to culture and consumer protection.
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