Corporate Whistleblowing, Smart Regulation and Regtech: The Coming of the Whistlebot?

Brand, Vivienne

doi:10.2139/ssrn.3698446

Cited by 3 publications

(3 citation statements)

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“…Indeed, resources can be concentrated where it matters: for instance, the Monetary Authority of Singapore is "exploring the use of AI and ML in the analysis of suspicious transactions to identify those transactions that warrant further attention, allowing supervisory bodies to focus their resources on higher risk transactions" (FSB, 2017, p. 23). Similarly, AI and ML can bring about a drop in errors, false alerts and risks, infusing technology into human interpretation (Brand, 2020;Currie et al, 2018;FINRA, 2018). RegTech can improve internal governance and coordination, in general backing measures to ensure that standards are adopted and laws applied comprehensively, and so protecting both corporation and staff (Currie et al, 2018;Quill & Lennon, 2019).…”

Section: Dimension #4: Benefits and Risksmentioning

confidence: 99%

RegTech in public and private sectors: the nexus between data, technology and regulation

Grassi

Lanfranchi

2022

J. Ind. Bus. Econ.

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Higher regulatory compliance requirements, fast and continuous changes in regulations and high digital dynamics in the financial markets are powering RegTech (regulatory technology), defined as technology‐enabled innovation applied to the world of regulation, compliance, risk management, reporting and supervision. This work builds on a systematic literature review and a bibliometric analysis of the literature on RegTech, its influential papers and authors, its main areas of research, its past and its future. The resulting multi-dimensional framework bridges across four main dimensions, starting with regulation and technology, where one or more regulations, not necessarily financial ones, are addressed with the support of technologies (e.g. artificial intelligence, DLT, blockchain, smart contracts, API). Data play a central role, as sharing them enables data ecosystems, where additional value can be attained by each market participant, while data automation and machine-readable regulations empower regulators to pull data directly from the banks’ systems and combine these data with data obtained directly from customers or other external sources. Several applications emerge, both for regulated entities, covering matters of compliance, monitoring, risk management, reporting and operations, as well as for authorities, which can leverage on RegTech (SupTech) solutions to make policies, to undertake their authorising, supervising and enforcement operations, for monitoring and controlling purposes, and even to issue fines automatically. As a consequence, stakeholders can reap a series of benefits, such as higher efficiency and effectiveness, accuracy, transparency and lower compliance costs but also risks, such as cyber risk, algorithmic biases, and dehumanization.

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Section: Dimension #4: Benefits and Risksmentioning

confidence: 99%

RegTech in public and private sectors: the nexus between data, technology and regulation

Grassi

Lanfranchi

2022

J. Ind. Bus. Econ.

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“…The most popular areas are anti-money laundering, fraud detection, including transaction monitoring and identity management and control, as well as compliance management and regulatory reporting [Becker, Merz, Buchkremer, 2020;Turki et al, 2020;Waye, 2019] [Brand, 2020] Whistleblowing systems Data mining and analytics Predictive analytics Natural language processing Deep learning [Kurum, 2020] Money laundering prevention Artificial intelligence [Singh, Lin, 2020] Money laundering prevention Combating the financing of terrorism Artificial intelligence…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Regulatory technologies in traditional industries as an element of the digital transformation: Perspectives for development

Altynov¹,

Turovets²

2022

Vestnik SPbSU. Management

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The article considers regulatory technologies as one of the key topics in finance digitalization due to the consistent growth of fraud, compliance rules, and procedures. It also gains attention in other traditional industries to answer similar scope of challenges. Regulatory technologies have become a common element of digitalization which allows for effective management of a growing administrative burden and reduces associated risks. At the same time, regulatory technologies adoption can be considered as an indirect indicator of the digitalization effects, including the growth of regulatory burden. This paper identifies the main objectives of regulatory technologies adoption relevant to traditional industries (telecommunication, trade, manufacturing, transport, construction, energy and utilities, healthcare, public administration). Based on the results, the study offers the prospects for regulatory technologies development in these industries according to the proposed composite index. It comprises nine indicators in four groups measuring financial losses from fraud and data leakages, administrative compliance workload, the digital maturity of sectors. The results indicate that the highest potential for regulatory technologies adoption, apart from service (finance, telecommunication, trade), is significant for manufacturing and healthcare due to a high frequency of fraud, data breaches, high compliance costs, and new regulatory requirements associated with the increasing pace of digitalization.

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“…Among the most significant actions that have changed the way digital companies behave and operate has been action taken by employees of such organisations to hold their employers to account over ethical concerns and illegal practices, while in the process risking career, reputation, credibility and even life. Ghaffary (2021) points out that tech employees are uniquely positioned (with their "behind the scenes" understanding of algorithms and company policies) to provide checks and enable the Whistleblowing is now seen in the digital and AI context as a positive corporate governance tool (Brand 2020). Laws have been and are being amended to increase whistleblower protections, for instance in New York and the European Union.…”

Section: Breaking Up With Antitrust Regulation Is Hard To Domentioning

confidence: 99%

Surveillance Capitalism

Stahl

Schroeder²,

Rodrigues³

2022

SpringerBriefs in Research and Innovation Governance

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Surveillance capitalism hinges on the appropriationand commercialisationof personal datafor profit-making. This chapter spotlights three cases connected to surveillance capitalism: data appropriation, monetisationof health data and the unfair commercial practice when “free” isn’t “free”. It discusses related ethical concerns of powerinequality, privacy and data protection, and lack of transparencyand explainability. The chapter identifies responses to address concerns about surveillance capitalism and discusses three key responses put forward in policy and academic literature and advocated for their impact and implementation potential in the current socio-economicsystem: antitrustregulation, data sharingand access, and strengthening of data ownership claims of consumers/individuals. A combination of active, working governance measures is required to stem the growth and ill-effects of surveillance capitalism and protect democracy.

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Corporate Whistleblowing, Smart Regulation and Regtech: The Coming of the Whistlebot?

Cited by 3 publications

References 0 publications

RegTech in public and private sectors: the nexus between data, technology and regulation

RegTech in public and private sectors: the nexus between data, technology and regulation

Regulatory technologies in traditional industries as an element of the digital transformation: Perspectives for development

Surveillance Capitalism

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