Excerpt
June 20, 2023, Paper: "In 2014, Andy Haldane, then chief economist of the Bank of England, laid out a vision for global financial surveillance systems. “I have a dream. It is futuristic, but realistic,” he said. “It involves a Star Trek chair and a bank of monitors.” He was dreaming of technology that could track the global flow of funds in real time, much like technology used to globally track the weather or internet traffic. Many have said that Haldane’s speech, detailing his hope for high-level supervision, launched the RegTech (regulatory technology) industry—a class of software applications for managing regulatory compliance. Less than 10 years later, RegTech that incorporates advances in AI (artificial intelligence) seems to be the solution for corporations managing hundreds of compliance regulations and financial risks and attempting to build a positive company culture that upholds a good reputation and attracts and retains diverse workers. However, as a relatively new field, AI is strife with opportunities for misuse. To successfully improve company culture, corporations must embrace AI cautiously."