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| 22 Mar 2021 | |
| General |
RegTech data consists of information collected and used in the financial regulatory system. But the system for reporting this information in the U.S. is reliant on document-based reports. Having information in static documents limits the ability of regulators and private sector entities to deploy and benefit from emerging technologies, like machine learning and artificial intelligence (AI).
AI is already in use across the commercial, healthcare, and defense industries, but it has not yet been widely applied in the U.S. federal government. But we’re starting to see that change. Federal lawmakers are considering promising strategies to deploy technologies to effectively leverage the government’s data assets in order to support technologies like AI. Congress is taking steps towards encouraging more government adoption of AI solutions. Executive Branch agencies are considering how to apply AI to achieve their missions, but there are still foundational policy issues that must be addressed to ensure the platform for applying innovative technologies exists within government, including improvements to the data quality and the adoption of open data standards, that AI relies heavily on to function properly.
