Regulation, risk and reward with HSBC’s Chief Compliance Officer, Asia Pacific
- "Some of the key things that I see will be around digitalisation, open banking, artificial intelligence and robotics, workforce transformation, cyber security, and as mentioned, sustainable banking as well as regulatory technology."
- "We're also already seeing an increase in regulatory complexity, and banks will need to invest significantly more, in my opinion, around regtech solutions. These solutions will certainly help banks to manage regulatory requirements more effectively and efficiently and help drive some of those efficiencies to reduce the overall cost of being compliant with regulations."
- "As [these technologies] progress and become more mainstream, regulators will be looking to address some of the pretty big open questions out there around the ethical implications of some of the algorithms and all the potential biases in [them]. Are we susceptible to legal and potential [privacy] violations? Is machine learning and AI making decisions, and where do we rest the accountability for some of these?"
Darren Furnarello, Chief Compliance Officer at HSBC Asia Pacific, talks regulation, risk and reward with Protiviti Managing Director Adam Johnston. What does the future of the regulatory environment look like, how do we navigate it, and what keeps compliance officers up at night?
In this interview:
1:30 – Compliance priorities right now: Sanctions, resilience, privacy, sustainability
6:12 – Meeting the challenges of the future: Open banking, AI, regtech
10:36 – Balancing digital transformation with data and other risks
13:23 – Future of banking regulation
19:10 – The next 10 years through a compliance lens