Overloaded with trade reporting data, much of which is riddled with duplication or received in an unstructured format, regulators are turning to AI and other fintech tools to interrogate the information. UK's Commission de Surveillance du Secteur Financier, is among those working with academic bodies to develop AI-powered market surveillance capabilities. However, regulatory bodies looking to hire and retain experienced data analytics staff must compete with higher-paying private sector firms. There is already a shortage of data specialist, with demand is expected to outstrip supply by 50-60% by 2021, according to McKinsey.
Overloaded with trade reporting data, much of which is riddled with duplication or received in an unstructured format, regulators are turning to AI and other fintech tools to interrogate the information. Luxembourg's Commission de Surveillance du Secteur Financier, is among those working with academic bodies to develop AI-powered market surveillance capabilities. However, regulatory bodies looking to hire and retain experienced data analytics staff must compete with higher-paying private sector firms. There is already a shortage of data specialist, with demand is expected to outstrip supply by 50-60% by 2021, according to McKinsey.