These considerations are raised regarding the regulation of such data including striking the right balance between the value and privacy of consumer data versus expediency.
- Data is the lifeblood of a modern regulator and in the next five years, we expect to become as much a regulator of data as a financial one.
- While data can help institutions identify risk, it can also entrench bias and make it more difficult for consumers to access loans or products such as insurance.
- International coordination will be increasingly vital with the rise in risk associated with digitalisation and gamification.
- Investment in tech and skills is the key to staying ahead.
