Robert FayRobert Fay is the director of the Global Economy Program at the Centre for International Governance Innovation, and previously held several senior roles at the Bank of Canada, most recently as senior director overseeing work to assess developments and implications arising from the digitization of the Canadian economy.
The rapid growth of the technology sector and its appetite for data is reminiscent of the financial services boom in the 1990s and 2000s. Fuelled by light-touch regulation – and, in no small measure, hubris – banks grew tremendously in size, power and interconnectedness, leading to the creation of some exceptionally large global banks.
Compare that scenario to the current data and AI governance gap. A light-touch approach to regulation means that few countries have data or digital strategies in place, and none have a coherent overarching framework. Before the financial crisis, a few global banks dominated financial services; today, a handful of technology giants dominate data flows, and their operations are as opaque as the banks’ were.
After the 2008 crisis, for example, G20 leaders established the Financial Stability Board to promote the reform of international financial regulation and supervision. Its innovative multi-stakeholder processes could be adapted for the data crisis.
GlobeDebate It was an interesting column, but you ask, 'Will we learn from the financial crisis?'. Generalise the question to, 'Will we learn from the 'X' crisis?', for arbitrary 'X', and the answer is a constant. Answer: Uh, no.
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