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PRA 'Cyborg' System Will Monitor Finance Firms, Exec Says

Law360, London (November 19, 2018, 6:58 PM GMT) -- The Prudential Regulation Authority will create a system of "cyborg supervision" of financial services in the coming years in which humans work with machines, an executive director of the Bank of England forecast Monday.

James Proudman, executive director for U.K. deposit takers at the PRA, said cutting-edge technologies such as artificial intelligence are increasingly used by banks in areas once thought to be the sphere of experts, such as risk assessment and preventing financial crime. But human supervision would still have a key role to play, he said.

"Until machines can fully replicate human cognition — a remote possibility for the...

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