Using defined terms helps with clarity – even more so when you are dealing with complex issues. The Financial Stability Board (FSB) has published a draft Cyber Lexicon for public consultation. The draft comprises a set of 50 core terms related to cybersecurity and cyber resilience in the financial sector. The Lexicon is intended to […]
Some ideas to make Asia a Fintech/Regtech/Suptech powerhouse, following the recent XBRL Asia Round Table meeting in Japan.
One of the best ways to understand your own weaknesses and minimise your vulnerability to external threats is to stress-test yourself. This is exactly the ethos that the European Central Bank has taken in an attempt to build resilience in its financial markets. Under a programme burdened with the name “Threat Intelligence-Based Ethical Red Teaming […]
The CFA Institute’s 71st annual conference is set to take place this month and ahead of the event they have set the stage for a debate about the future of financial services. Financiers are likely tired of hearing about how their future consists of competing with AI for jobs, yet at a far more nuanced […]
How does government plan for the introduction and utilisation of Artificial Intelligence? Data. Without data, AI is a boat without a paddle. The United Arab Emirates is moving toward their vision of being a leader in the “Age of Artificial Intelligence” by creating a national data portal which contains open data on several major industries […]
Do you use a bank website or app? Does it meet your needs and expectations? Is it easy to use? Does it combine data from multiple sources in order to provide you with valuable insights about your personal or business finances? Thought not. That’s the insight that has given rise to the Open Banking initiative […]
Using a big data approach to drive analytics of large quantities of XBRL data, with necessary data structuring, aggregation, ordering and filtering controlled directly from the XBRL taxonomy (the business-led data definitions) has been something of a holy grail for regulators and other large scale users of the standard for many years.
The Securities and Exchange Commission (SEC) has updated its test suite to include tests that use the US GAAP, SEC Reporting, Document and Entity Information, Exchanges, State and Province and Risk-Return 2018 taxonomies. The SEC’s public test suite helps vendors test their software, and gain confidence that their systems will produce filings that will be […]
The debate on regulating innovation is often laden with prejudices and undue simplifications. Chair of the EBA, Andrea Enria, recently spoke on how the European Banking Authority expects supervision and regulation of the Fintech market will work. Identifying the inherent problems of both the strict need to protect the financial system and citizens and the […]
Chairman of the global Financial Stability Board and Governor of the Bank of England, Mark Carney, was just one of the leading regulators around the world to call for new measures to reign in cryptocurrencies this week. Mr Carney warned that a range of crypto assets are exhibiting the “classic hallmarks of bubbles”. In a speech […]