Welcome to our course on FinTech Security and Regulation. Let me give you some idea of where we're heading in this course and in our first module. In this course, we're going to look at security and regulation, how they're similar, how their difference, give you an introduction, and somewhat of an overview of this area of RegTech, and what do we mean by RegTech, and how does that relate to security, how does it relate to regulation, how does insurance or InsureTech fit in this. So, just a broad overview in week one of this area and how do security and regulation relate to each other in this world of RegTech. In our second module, we're going to look at risk and risk management, and government controls or activities to manage or control risk. And so, we're going to look at this area of governments in general, in the finance industry and how they use regulation to better control financial markets, firms, et cetera, and how FinTech fits within that context or bypasses some of those controls that have evolved over time. In our third module, we'll go beyond bypassing controls and we'll look at crimes, and fraud, and security, and specifically, in the area of finance and FinTech in general, how does this goal of regulation and security, RegTech in general, tie into efforts to reduce crime, reduce tax fraud, reduce money laundering, and limit other kinds of crimes through regulation or police action? Finally, in week four, we're going to look at what's happening globally and what's happening with governments in taking initiatives in the area of RegTech to better respond, defend tech, or better enable banks to do things perhaps more efficiently but without increasing risk to an unacceptable level through re-regulation, or adjusting regulations, or introducing new regulations to deal with new technologies and new innovations. In our fifth week, we'll have the final project for the course. That'll be a project where you'll develop recommendations for a government in Asia Pacific to deal with a specific area of Fintech regulation that they're trying to struggle with, make recommendations, which you might do if you were, for example, working in a large financial institution or you might do as a consultant, or you might do as a government employee. And so, you could be in multiple roles and make these kinds of recommendations, were not specifically saying what your perspective is that you're coming from but we are saying you are recommending a set of policies to a regulator in an Asia Pacific country and you're going to focus on a specific area of technology or application and make a recommendation for government regulation, or changes, or policies in that direction. So that'll be your final project during week five. Now, let's look at our first module, our first week on Coursera of course material. In module one, we're going to be looking at risk and risk management as our first area of focus. What does risk mean? Why is it so important? How do we manage risk or what can we do about that? We'll then look at security and regulation as ways to reduce risk or ways to manage risk and generally, what are the goals of both security and regulation. How do they overlap? How are they similar? How are they different? And, how do they interact with each other? We didn't delve into, once we've got the foundations of risk and risk management and security and regulation to deal with risks, we'll move into RegTech and say, "How does RegTech intersect with these philosophies of risk management and these tools of security and regulation to help us reduce risk? How does RegTech play into that?" And then, we'll look at InsurTech and say, "How's InsureTech different from RegTech?" Because people talk about RegTech more than InsureTech, but you'll hear both words bandied around, and so we'll look at what's the difference between InsurTech, RegTech, and FinTech. In our fifth session, we'll ask, how do regulations help society or do they help? Are regulations adequate? Are they effective? Are they useful? Are they oppressive? How do regulations help us? And, what do we need from regulations as a society? And finally, we'll look at security again and ask, is too much security bad? And, can you have too much security? How much security is optimal? And that'll wrap up our first module. So, thank you for being part of this course. It's interesting to keep in mind as one of the big four firms said through their consulting arm, "RegTech is the new FinTech." And by what they meant with that statement, RegTech is exploding today, the way FinTech exploded 5-years ago. So, it's a new big opportunity, it's the new.com boom, it's the new FinTech boom, it's the new area of startups and investments. So, RegTech matters and it's a big opportunity. It's not just about regulator's role with technology but also how do you respond to regulation with technology to reduce cost, improve efficiency, improve effectiveness, etc. Thank you very much. We look forward to seeing you in our modules.
