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How can new tools and technology such as artificial intelligence encourage new ways to communicate in the world of prudential regulation?
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Abstract: This paper sets out how emerging technologies, such as artificial intelligence (AI), can enhance the supervisory efficiency of a modern regulator. The growth and complexity of data present both an opportunity and challenge for global regulators within the data-driven financial services landscape. The need to communicate and use data presents a skills evolution and optimisation for regulation and society. This paper includes a case study on how introducing an AI search and analysis tool has provided the Prudential Regulation Authority (PRA) at the Bank of England with a vast array of new and exciting insights.
Keywords: artificial intelligence; digital skills; supervision; communication
Helen Packard has been delivering transformational change empowered by emerging technologies and a creative flair for over 20 years. She is an innovator introducing new ideas and technologies as an empowering leader. She leads the digital skills agenda and the introduction of emerging technologies. Helen was recently recognised by the Women in Technology & Data Awards 2021 as the Winner of Above and Beyond.
Sholthana Begum is Head of Innovation and Regulatory Technology (RegTech) at the Bank of England. She has played diverse roles as a senior risk specialist, markets practitioner and accountant specialising in financial regulation and central banking. Sholthana is an experienced technologist, influencer and innovative leader. Her influence is substantial, and she was named in the 2021 DataIQ power list of the most influential people in Data. Sholthana is recognised as a thought leader and considered as a pioneer of RegTech at the Prudential Regulation Authority (PRA); her work is actively paving the way forward in advancing the Future of Finance. Sholthana’s counsel and advice is often sought after by other central banks and private bodies across the globe. Examples of this include being invited to high-profile summits, such as the G20 in Rome, and being an active guest lecturer at Cambridge University. Her achievements in technology and diversity have been widely recognised, most notably through her acceptance of the Tech Forward award in the 2019 Central Banking Awards, hosted in Singapore, and securing the 2022 Gender Equality and Inclusion Award.
Melvin Lopez-Corleone is a Senior Technical Specialist at the Bank of England. He leads the external engagement stream within the Innovation team. He actively collaborates with central banks at a global level and works with leading tech companies, universities and private/public sector organisations. In summer 2021, he was seconded to the Banks G7 Hub to support the UK’s G7 presidency. As of 2022, Melvin is a visiting speaker on RegTech and Innovation at Cambridge University.