New York is seeking to procure a supercomputer to run artificial intelligence systems and gain a better understanding of technology for more effective regulation.
“When I say DFS is looking at AI and machine learning, it’s not limited to how we assess private sector use of these tools,” said Department Superintendent Adrienne Harris. of New York Financial Services, at the Point Zero Forum for Financial Regulation in Zurich. She said the state was looking to get the equipment and hire professionals to run the programs.
“My vision is for DFS and other regulators to become the regulator of the future, which means we embrace reg tech for the benefit of the public, using data-driven approaches that leverage data analytics to improve our ability to predict and react to market events.”
Supercomputers have long been a mainstay of military and intelligence agencies, used for tasks ranging from cracking codes to designing nuclear weapons. They also have many civilian uses, such as predicting the weather, creating new drugs, and simulating the effect of accidents on automotive designs. According to the World Economic Forum.
Last year, International Business Machines Corp. launched Vela, its first AI-optimized cloud-based supercomputer for researchers.
“All the major tech and proprietary software players are looking to AI,” Harris said. “It’s no secret, but it would be a huge missed opportunity for regulators not to use these tools as well.”