HK Highlights 1 - Digital Magazine Version - Flipbook - Page 7
AI seems likely to have
profound implications
for all facets of human
society, from solving
wicked problems to
disrupting established
economic frameworks...”
And what about this year? 2024 is well
underway; cryptocurrencies are back on
the rise, but by far the hottest topic of
all is arti昀椀cial intelligence (AI). Businesses
across every sector (especially 昀椀nancial
services, from banking and capital
markets to investment and insurance)
are investing heavily in AI, not only to
discover opportunities but also to avoid
being left behind by the competition.
AI seems likely to have profound
implications for all facets of human
society, from solving wicked problems
(of which, humanity faces many) to
disrupting established economic
frameworks (which, many argue, are
deeply 昀氀awed and ripe for rethinking).
Humbler but nevertheless meaningful
applications are in development in the
昀椀eld of regulatory technology (RegTech),
a niche but highly active wing of the
Fintech movement.
On the other side of the debate, one of
the modern AI discipline’s leading lights,
Mustafa Suleyman, a co-founder of
DeepMind, cited the regulation of the
昀椀nancial services industry as an example
to follow in controlling this exciting,
powerful and fast-evolving technology
in his 2023 book, ‘The Coming Wave’.
Given the level of investment underway
and the extraordinary pace of innovation
in AI itself, he highlighted that time, focus
and resourcing are of the essence in doing
so effectively, along with close collaboration
between the public and private sectors,
just as they have been in 昀椀nancial services
regulation over the years.
It will be very interesting to see how these
dramas unfold in relation to 昀椀nancial services
governance and regulation in 2024 and
beyond. The implications for the industry’s
GRC leaders are potentially signi昀椀cant. We
will be hosting events on this topic and
taking on AI-related titles in our Book Club
this year; we look forward to seeing you
there and hearing your views on these
matters that are evolutionary, if not
existential, for us all.
HK HIGHLIGHTS
PAGE 7