To better protect consumers and businesses in the ever-evolving age of technology, one agency is taking steps to keep up with advancements.
The Idaho Department of Finance (IDOF) has created a Financial Innovation Lab (FIL) and a Securities Bureau Emerging Technology Advisory Committee (ETAC) to help “understand and address technological innovations in the financial sector.”
In a release, the department stated that the changing and evolving landscape through the growth of digital financial services has spurred it to create the lab and committee, which are being tasked with ensuring the financial safety of citizens and businesses in Idaho.
“Technology continues to evolve in the financial sector, and we need to understand both the risks and opportunities these innovations present,” said John Yaros, Securities Bureau Chief of IDOF. “The ETAC will help us understand and craft solutions that will protect Idahoans and our financial system, while also enabling new technological innovations to flourish.”
The ETAC, an advisory committee, will provide recommendations and solutions the issues that arise from new technologies, and will focus on cybersecurity and cybercrime, artificial intelligence and machine learning, and will create a certification for financial technology, innovation and security.
According to the Department of Finance release, that certification “will present new career opportunities for Idahoans, while simultaneously seeking to design solutions for priority Securities Bureau issues such as senior financial exploitation.”
The Financial Innovation Lab will create a forum for industry experts to share a host of information for best practices on “using, implementing and monitoring financial technology innovations,” the release stated.
“Understanding how financial technology is changing our financial system and the strategies necessary to safeguard Idaho consumers and financial institutions is core to the department’s mission,” said Patricia Perkins, Director of the Idaho Department of Finance.
