Data access technologies and the 'new governance' techniques of financial regulation
Modern data and information technologies are having a profound impact on financial services and opening new frontiers in regulation. This article explores the opportunities of using modern tools of data access and sharing to embed regulatory objectives within the management and decision-making processes of financial firms. This can enhance oversight of prudential and conducts risks as well as substantially lowering compliance costs. It can also help address the information imbalances that limit the effectiveness of older approaches in which the firm is a ‘black box’ that can only be externally supervised. The central challenge is establishing an appropriate governance of data in regulated firms to ensure the achievement of both regulatory and business objectives. Such an approach can be viewed as a further and more radical development of established ‘new governance’ techniques of financial regulation.
Technology Driven Change and Next Generation Insurance Value Chains (TECHNGI)
Economic and Social Research CouncilFind out more...
- Loughborough Business School
Published inJournal of Financial Regulation
PublisherOxford University Press (OUP)
- VoR (Version of Record)
Rights holder© The Author(s)
Publisher statementThis is an Open Access Article. It is published by Oxford University Press (OUP) under the Creative Commons Attribution 4.0 International Licence (CC BY). Full details of this licence are available at: https://creativecommons.org/licenses/by/4.0/