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Embracing Digital Transformation in Financial Regulation
Financial regulation is undergoing a significant transformation as it enters the digital age. This shift involves moving from traditional analog methods to digital processes, which promise to enhance the efficiency, speed, and cost-effectiveness of regulatory practices. Historically, financial institutions and regulators have been quick to adopt new technologies, but the current system still relies heavily on outdated analog-era processes. These processes, which originated on paper, are merely accelerated by computers rather than being fundamentally reimagined. The digital age demands a complete overhaul of these systems, leveraging the vast availability of data and computing power to improve regulatory oversight.