The Commodity Futures Trading Commission (CFTC) has introduced the appointment of Dr. Ted Kaouk as its first Chief Artificial Intelligence Officer. As Dr. Kaouk is now performing as the Chief Data Officer and Director of the Division of Data on the CFTC, he’ll broaden his duties to supervise the event and execution of the CFTC’s total knowledge and synthetic intelligence technique.
This progress is meant to boost oversight, surveillance, and enforcement, as effectively as different segments of the derivatives market wherein the CFTC operates.
The CFTC now has a “Chief AI Officer”
What a time to be alive pic.twitter.com/fXZHz7eZzv
— M.B. (@741trey) May 1, 2024
Chairman Rostin Behnam highlighted the significance of superior knowledge analytics and synthetic intelligence in evolving the operational techniques of the CFTC. In Chairman Behnam’s phrases, Dr. Kaouk’s deep technical information and prior profitable management are important for driving the CFTC’s initiatives at this present time. The inclusion of AI into the company’s actions is anticipated to improve units of abilities, domesticate knowledge utilized tradition, and use AI for innovation inside monetary market guidelines.
Background and Expertise of Dr. Ted Kaouk
Prior to being at CFTC, Dr. Kaouk occupied positions in numerous authorities businesses. He was the Chief Data Officer on the Office of Personnel Management (OPM), the place his position was to develop the primary federal government-wide human capital knowledge technique.
Among his accomplishments is the creation of the primary enterprise knowledge analytics and AI platform on the U.S. Department of Agriculture. Dr. Kaouk’s management was additionally evident in his place as the primary Chair of the Federal Chief Data Officers Council, which he led from its creation in 2020 till January 2024.
Dr. Kaouk’s skilled journey started as a floor warfare officer within the U.S. Navy, after which he went on to pursue his schooling in famend tutorial facilities. He obtained his undergraduate diploma from the U.S. Naval Academy, his grasp’s diploma from the University of Virginia, and his PhD is from the University of Maryland, College Park.
AI Day and the Future of AI in Financial Regulation
In line with the announcement of Dr. Kaouk’s new position, the Commission’s Technology Advisory Committee (TAC), held beneath the sponsorship of Commissioner Christy Goldsmith Romero, has launched the agenda for the upcoming “AI Day.” This occasion might be held on the CFTC’s Washington, D.C. headquarters, the place the accountable introduction of AI in regulated monetary providers might be mentioned. The day’s classes will even contain enter from AI consultants throughout totally different sectors, together with authorities regulators and the non-public sector.
“AI Day” Agenda Announced for May 2 @CFTC Technology Advisory Committee Meeting: https://t.co/r2WTmf7GY5
— CFTC (@CFTC) May 1, 2024
The workshops will tackle a number of essential matters, amongst which is Sunayna Tuteja, the Chief Innovation Officer of the Federal Reserve Board, presenting the position of AI in driving accountable innovation on the Federal Reserve. Additional displays will concern market automation, the NIST AI Risk Management Framework, and the U.S. Treasury Department’s report on AI in monetary sector cyber safety. The goal of those discussions is to replicate on the applying and regulation of AI tools within the monetary markets.
Concurrently, the AI Day occasion encourages public participation both in particular person or by way of a dwell webcast out there on the CFTC’s official web site. This initiative is part of the TAC’s steady endeavor to create the bottom for knowledgeable conversations in regards to the challenges of AI applied sciences on the interface of know-how, regulation, and coverage.
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