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ADGM launches AI initiative to boost development of RegTech tools and compliance
The Open Regulation initiative aims to offer the regulatory context required for companies to develop their own AI solutions
To foster the development of intelligent regulatory technology (regtech) tools and help Artificial Intelligence (AI) achieve regulatory compliance, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has launched the Open Regulation (OpenReg) initiative.
The OpenReg initiative, hosted in the ADGM GitHub repository, provides a “training ground” for industry professionals, regtech businesses, and the data science community to construct AI-enabled regtech applications using FSRA’s AI models, data, and research.
The move comes at a time when financial services rapidly use AI and machine-learning technologies for day-to-day procedures and decision-making. But automating regulatory compliance can be highly cognitive and contextual. Any incomplete information or misinterpretation of a rule could lead to inappropriate business decisions, improper risk management and control, or possible regulatory breaches.
In this regard, OpenReg provides the regulatory context required by firms to develop their own AI solutions. The initiative builds on the foundation of FSRA’s previous effort on Digital Regulation by allowing interested parties to collaborate to advance regtech innovations.
“By working with the industry and developer community and providing access to the underlying data that we used to create our own AI model, we are looking toward building smarter AI and regtech solutions, that make financial regulation simpler, clearer, and more effective,” Emmanuel Givanakis, CEO of the ADGM FSRA commented on the initiative.