Data access technologies and the ‘New Governance’ techniques of financial regulation

McNulty, D., Miglionico, A. ORCID: https://orcid.org/0000-0002-2114-6709 and Milne, A. (2023) Data access technologies and the ‘New Governance’ techniques of financial regulation. Journal of Financial Regulation, 9 (2). pp. 225-248. ISSN 2053-4841 doi: 10.1093/jfr/fjad008

Abstract/Summary

Modern data and information technologies are having a profound impact on financial services and opening new frontiers in regulation. This article explores the opportunities for using modern tools of data access and sharing to embed regulatory objectives within the management and decision-making processes of financial firms. This can enhance oversight of prudential and conduct risks as well as substantially lowering compliance costs. It can also help address the information imbalances that limit the effectiveness of older approaches in which the firm is a ‘black box’ that can only be externally supervised. The central challenge is establishing an appropriate governance of data in regulated firms to ensure the achievement of both regulatory and business objectives. Such an approach can be viewed as a further and more radical development of established ‘new governance’ techniques of financial regulation.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/113947
Identification Number/DOI	10.1093/jfr/fjad008
Refereed	Yes
Divisions	Arts, Humanities and Social Science > School of Law
Publisher	Oxford University Press
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