Abstract
Artificial Intelligence (AI) technology is being used throughout the industry due to the introduction of the era of the Fourth Industrial Revolution. In the financial industry, AI technology is used in sales and marketing, fraud and illegality prevention, credit evaluation and screening, chat-bot and etc. The robo-advisor can apply the AI technology in case of investment advisory to provide a large and cost-effective portfolio of investment information. It also has positive function to the field in the fact that it has ability to generate popular investors and create new customers and services. However, robo-advisor that uses AI is still at its initial stage in introducing the technology and there are currently legal, institutional and policy limitations in providing comprehensive and customized advisory services. Thus, at first, this paper will consider the area of legal argument on the issues related to AI on the legal status and liability, financial IT, security and privacy. And focused on robo-advisor, the main issues concerning the current legal system and security self-regulatory method are elucidated and analyzed to provide the basic direction of regulation for development of utilization of AI technology in financial sector. In an environment that is shifting from ex-ante regulation to ex-post regulation, which is a current paradigm of financial IT security regulation, in order to modernize the regulations for the digital age, we propose specific measures to strengthen the use of regulatory sandbox as an autonomous regulatory scheme for the use of new technologies such as AI.
Original language | English |
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Title of host publication | Information Security Applications - 18th International Conference, WISA 2017, Revised Selected Papers |
Editors | Brent ByungHoon Kang, Taesoo Kim |
Publisher | Springer Verlag |
Pages | 323-335 |
Number of pages | 13 |
ISBN (Print) | 9783319935621 |
DOIs | |
Publication status | Published - 2018 |
Event | 18th World International Conference on Information Security and Application, WISA 2017 - Jeju Island, Korea, Republic of Duration: 2017 Aug 24 → 2017 Aug 26 |
Publication series
Name | Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) |
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Volume | 10763 LNCS |
ISSN (Print) | 0302-9743 |
ISSN (Electronic) | 1611-3349 |
Other
Other | 18th World International Conference on Information Security and Application, WISA 2017 |
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Country/Territory | Korea, Republic of |
City | Jeju Island |
Period | 17/8/24 → 17/8/26 |
Bibliographical note
Publisher Copyright:© 2018, Springer International Publishing AG, part of Springer Nature.
Keywords
- Artificial Intelligence
- Deep learning
- Information security
- Personal information protection
- Privacy
- Robo-advisors
- Self-regulation
ASJC Scopus subject areas
- Theoretical Computer Science
- General Computer Science