54 posts categorised "Technology"

02 September 2019 Coming a cropper - Data farms and insurance fraud Amidst other significant enforcement activity, the Information Commissioner’s Office (ICO) recently reported raids on two UK addresses as part of an ongoing investigation, conducted in partnership with the Insurance Fraud Bureau (IFB), into the suspected illegal acquisition and sale of personal data. The suspicion was that high volumes of data farming activity, or vishing, was taking place at these addresses to illegally obtain the personal data of motor accident victims to sell on to solicitors for personal injury insurance claims. In the context of the ongoing fight against insurance fraud, this is an important development. In this blog I highlight three of the most important themes I took away from it.
15 July 2019 Making the first move on technology for regulatory reporting quality assessments A speech by Mark Carney, the Governor of the Bank of England, in June 2019 stated that the Bank of England is launching a review to explore the transformation of the hosting and use of regulatory data over the next decade. This includes proofs of concepts to test how the Bank can automatically extract regulatory firm data.  The speech clearly highlighted the Bank’s increased focus on exploring how Artificial Intelligence (AI) and Machine Learning (ML) technologies can be used to collect and interpret supervisory data from firms to minimise manual processes. The Bank aims to pull the data on demand from firms, making the regulatory reporting process more efficient and less expensive.
25 June 2019 With great computing power comes great accountability Scroll through a newsfeed nowadays and it’s difficult to avoid the latest take on innovative technologies such as Artificial Intelligence (AI), machine learning and advanced data analytics. These technological developments are beginning to disrupt the way in which financial services firms operate. A recent report by PwC shows that, while firms are at varying degrees of maturity in adoption, many are now embracing these technologies to transform activities such as risk management, fraud detection and post-trade processes. While these innovations are likely to be adopted by many within financial services, debate is growing around the disruptive power of new technologies and who is ultimately accountable for ensuring they are used responsibly.