Robotic process automation (RPA) will not take over human intervention, according to a panellist at TSAM London: the Summit for Asset Management.
An audience member also suggested that the industry shouldn’t let a robot carry out any critical processes solely using RPA. The panel moderator then asked the panel what governance and control the industry needs to implement and start managing that.
One panellist said: “There needs to be governance around the process of RPA, you need to centre your expertise internally, you must have people who know business on one hand and technology on the other.”
He added: “Your risk officer should always be involved, as well as your CEO.”
In a later panel, there was discussion around how important it is to know your client, with distributed ledger technology (DLT) and blockchain in mind.
To this, the panellist stated: “In order to get the big banks and investment firms of the world involved, you can’t go against government or regulation. So there will need to be some kind of transparency and ways to make sure we don’t let in the wrong people, trying to scam us. I can see where this libertarian approach comes in to the notion of blockchain, but you still have to follow regulators.”
The moderator also asked the panel if they thought that London, in the context of Brexit, would remain a good start-up location for DLT or blockchain businesses to thrive.
The panellist stated: “London is still the location for this. Obviously, there is a lot of capital in London as well. Where blockchain is concerned, the top 20 tokens in the world are based outside of the US, so there’s an opportunity for a global movement of blockchain beyond Silicon Valley. London is well positioned to be one of the leaders.”
When discussing the biggest conception of blockchain and DLT, the panellist said: “Many tend to conflate bitcoin with cryptocurrencies, which was the case until recently.”
He added: “The biggest conception is the governance of these companies, but when you have an engineering team sitting next to you as well as a design team, you can foster a lot of innovation in your decision making processes.”
“Unfortunately, when people hear about scams, they start to ignore the space altogether. These are still early days, but I don’t think many people realise how quickly it will change the industry within the next few years. It’s only a matter of time before mass adoption.”
.jpg)