Dispatches From Thomson Risk Summit
Thomson Reuters held its latest Risk Summit today in New York, and while I didn’t attend in person this year, those who were there did a superb job talking about the event all day on Twitter. So without further day, here are a few of the more interesting and good points raised. (Yes, really. Sometimes people raise good points on Twitter.)
First was the below poll from the audience about use of artificial intelligence in regulatory compliance, or the lack thereof: 61 percent saying AI should be part of “regtech” somehow, but they have no specific plan for how.
I don’t doubt this statistic one bit. What’s interesting is that these opinions come from regulatory compliance folks in financial services. Meanwhile, internal audit professionals across a wide range of industries say almost the same thing: AI is a great idea with slim adoption so far.
61% of clients polled say their current assurance tech architecture isn’t ready to leverage #AI &emerging tech but they need a plan #TRRisk pic.twitter.com/c9bSmKnmUm
— Anne Liegel (@Anne_Liegel) May 31, 2018
A good point raised by Reetu Kholsa, head of client onboarding and KYC compliance at Pegasystems. (Also, a fellow Bostonian.)
“Banks don’t want more silos- they want to be able to look at everything holistically: one customer, one view. And regulators want the same thing, across geographies and jurisdictions” – Reetu Khosla, Pegasystems #TRRisk pic.twitter.com/KFf96hdsHT
— Max Bowie (@MaxBowie) May 31, 2018
Former SEC enforcement director speaks. I remain unconvinced that regulatory agencies are actually using analytics and technology in a way that outpaces financial services.
Regulators are increasingly investing in technology and advanced #analytics. Banks and other companies shouldn’t fall behind! Linda Chatman Thomsen @DavisPolkReg #TRRisk #finreg pic.twitter.com/cI5Wp04N0U
— Ignatius Grande (@igrande) May 31, 2018
Artificial intelligence needs human intelligence to succeed. I’ve been saying as much for years.
#TRRisk takeaways … Implement AI in phases; there is no substitute for really smart people; AI is a just a tool #beriskintelligent
— David Thomas (@mongooseny) May 31, 2018
While the below point is true, let’s all remember: a risk doesn’t care whether it’s regulated or not. If you doubt that, you haven’t learned the lesson of the financial crisis 10 years ago.
Polling Q2: 85% of the audience expected greater pullback in US regulation under current administration. #TRRisk and #Compliance Summit NY.
— Stephanie Waters (@stephaniesviews) May 31, 2018
Disagree. The single biggest problem in the digital economy is bad wifi.
“The single biggest problem in the digital economy is locking down the problem of digital identity.” – @iammobilebob #TRRisk pic.twitter.com/qqDanZT6VW
— Anne Liegel (@Anne_Liegel) May 31, 2018
Excellent point, because you can assume malevolent intent from outsiders. Insiders are often well-meaning clods who didn’t read the policy manual.
#TRRisk a tremendous amount of focus should be focused on internal threats as opposed to just external threats regarding the use of data tools
— David Thomas (@mongooseny) May 31, 2018
If you want to see more about the summit — and seriously, folks pumped out the tweets on this one — you can find more by searching #TRRisk on Twitter. Let me know if I missed anything.