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Artificial Intelligence : adaptation is necessary, even in securities

by

Justine Montminy

15 October 2018, 13:30

Photo : Freepik

The artificial intelligence will not spare a segment of the economy. The canadian Association of securities trading (IIAC) wished to raise the awareness of its members to this reality at a Summit FinTech, held in Montreal last Thursday. The Journal of insurance attended.

The IIAC has met on a number of financial experts to discuss the challenges posed by the arrival of the artificial intelligence in the industry. The same observation came up several times : the financial institutions must adapt.

A theme is often returned during the day : the digital revolution, also called the fourth industrial revolution, is inevitable. “It is better to be on the wave that is being picked up by it “, summed Maxime Dumas, researcher, technological innovations in Croesus.

A compliance tool

The compliance has increased securities in recent years. The artificial intelligence could serve as a compliance tool.

Frank Barillaro, director-general of the Group, Everton Carlisle, said that regulators routinely use the artificial intelligence to analyze the data. “For several years, they are looking for a technology that can make the data speak. “

In addition, the technology greatly increases the effectiveness of detection and monitoring of markets. “The regulators in Canada are very aware of what is happening in innovation. You can expect to have more and more questions from regulators, ” warned Mr. Barillaro.

The challenge of fintechs

Thefinancial markets Authority also goes to the innovations and announced a wish to strengthen its ties with key stakeholders of the ecosystem Fintech quebec. She has created a Lab Fintech and an internal working group dedicated to fintechs. The Authority also pilots a “sand box” regulations, an initiative of the CSA.

According to the lawyer at Borden Ladner Gervais, Ryan Tomicic, the legislation happens very quickly and the changes are frequent. “Before creating a Fintech, you will need to know the regulations. You also need to have a strategy to pivot to adapt to all changes of laws. “

The cyber risks at the heart of concerns

The digital revolution leads to an increase of cyber risks. According to the experts, gathered by the IIAC, all businesses will have to face it one day.

“According to a study by theIDC that date of 2018, 36 % of the companies surveyed say they do not have confidence in their ability to respond to a cyber attack. A credit card on the black market is worth about $ 10. The identity theft of a person young and healthy is worth a lot more, ” says the senior advisor, IT security at Desjardins, Julien Hivon. It adds that the attacks are a number of ways and there are even cases of fraud where one pretends to be fake brokers.

According to Beatrice Couture, the president of CyberEco, an organization of cyber security created by several companies in finance, 70 % of canadian companies have already been victims of cyber attacks and it is the responsibility of companies to ensure protection of clients. “There is no competition in cyber security. Fair cooperation. For foreign investors, it is necessary that the economy of the country is safe. We have interest to work together to get there. “

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