Regulatory Alerts2022-04-28
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Regtech Adoption Practice Guide Sixth Issue
The Hong Kong Monetary Authority issued the sixth issue of the Regtech Adoption Practice Guide to provide implementation guidance for banks adopting Artificial Intelligence-based Regtech solutions. The document advises institutions on establishing data and AI frameworks to address challenges associated with AI usage, such as analyzing data at scale for real-time risk monitoring. It aims to help banks leverage predictive insights and alerts for more comprehensive risk management while navigating the barriers of AI integration.
Our Ref: B1/15C
28 April 2022 The Chief Executive All Authorized Institutions Dear Sir/Madam, Regtech Adoption Practice Guide I am writing to share with the industry the sixth issue of the Regtech Adoption Practice Guide. This issue focuses on Artificial Intelligence-based (AI-based) Regtech solutions. AI can help analyse and interpret data at scale and in real-time, providing predictive insights and alerts on a timely basis for more comprehensive risk monitoring. This practice guide provides implementation guidance to help banks plan the adoption of AI-based Regtech solutions. It offers advice on how banks can establish data and AI frameworks to address the challenges and barriers associated with AI usage. If your institution has any questions regarding Regtech or any feedback on this Regtech Adoption Practice Guide series, please feel free to contact Mr Peter Siu on 2878-8561 or Mr Ricky Liu on 2878-1458. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl
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