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The regulatory leap into big data and machine learning: Practical advice for compliance officers
Journal of Financial Compliance,
6
(1),
57-70
(2022)
Abstract
The domain of big data encompasses several buzzwords, including artificial intelligence, machine learning, emerging technologies and big data itself. Across industries, new technology generates both fascination and fear, but factors that drive innovation vary widely from industry to industry. The financial services industry is characterised by an ambivalence toward innovative technology, with many financial services firms embracing it and many more regulatory compliance professionals resisting it. This paper is divided into two parts: Part 1 describes the state of regulatory technology in financial services and Part 2 offers practical advice for compliance officers seeking to implement innovative technology projects at their firms, particularly using machine learning applications. The paper concludes with suggestions for future research and practice.
Keywords: big data; data analytics; artificial intelligence; machine learning; RegTech; Securities and Exchange Commission (SEC); small and middle-sized businesses (SMBs)
The full article is available to subscribers to the journal.
Author's Biography
Bo Howell is cofounder and CEO of Joot, a FinTech company that provides web-based technology and services to registered investment advisers, broker-dealers, and funds. He is also the owner of FinTech Law, a technology-driven law firm focused on financial services and technology companies. Bo has over 10 years of experience as a securities lawyer and chief compliance officer. He has served in roles with Securities and Exchange Commission (SEC)-registered investment advisers, registered and unregistered investment companies, and broker-dealers. Bo has worked at the SEC's Division of Investment Management, a Fortune 500 financial services company, a fund administrator, and an innovative technology-driven law firm. Bo regularly publishes blog posts and videos on a variety of topics related to FinTech, including RegTech, artificial intelligence and machine learning, business management, compliance, cryptocurrencies and SEC regulations. He has published numerous scholarly articles on topics such as private markets, hedge funds, anti-trust, exchange-traded funds, corporate governance and compliance. He has a BA in political science from Washington State University, a Juris Doctor from Gonzaga University School of Law and an MS in finance from Indiana University — Kelley School of Business. Bo also holds licences and certifications in designing artificial intelligence products, FinTech and cryptocurrency.
