The Commodity Futures Trading Commission (CFTC) has announced the appointment of Dr. Ted Kaouk as its first Chief Artificial Intelligence Officer. As Dr. Kaouk is now acting as the Chief Data Officer and Director of the Division of Data at the CFTC, he will broaden his duties to oversee the development and execution of the CFTC’s overall data and artificial intelligence strategy. 

This progress is intended to enhance oversight, surveillance, and enforcement, as well as other segments of the derivatives market in which 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 importance of advanced data analytics and artificial intelligence in evolving the operational systems of the CFTC. In Chairman Behnam’s words, Dr. Kaouk’s deep technical knowledge and prior successful leadership are critical for driving the CFTC’s initiatives at this current time. The inclusion of AI into the agency’s activities is anticipated to upgrade sets of skills, cultivate data utilized culture, and use AI for innovation within financial market rules.

Background and Expertise of Dr. Ted Kaouk

Prior to being at CFTC, Dr. Kaouk occupied positions in different government agencies. He was the Chief Data Officer at the Office of Personnel Management (OPM), where his role was to develop the first federal government-wide human capital data strategy.

Among his accomplishments is the creation of the first enterprise data analytics and AI platform at the U.S. Department of Agriculture. Dr. Kaouk’s leadership was also evident in his position as the first Chair of the Federal Chief Data Officers Council, which he led from its creation in 2020 until January 2024.

Dr. Kaouk’s professional journey began as a surface warfare officer in the U.S. Navy, after which he went on to pursue his education in renowned academic centers. He received his undergraduate degree from the U.S. Naval Academy, his master’s degree 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 role, the Commission’s Technology Advisory Committee (TAC), held under the sponsorship of Commissioner Christy Goldsmith Romero, has released the agenda for the upcoming “AI Day.” This event will be held at the CFTC’s Washington, D.C. headquarters, where the responsible introduction of AI in regulated financial services will be discussed. The day’s sessions will also involve input from AI experts across different sectors, including government regulators and the private 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 address a few important topics, among which is Sunayna Tuteja, the Chief Innovation Officer of the Federal Reserve Board, presenting the role of AI in driving responsible innovation at the Federal Reserve. Additional presentations will concern market automation, the NIST AI Risk Management Framework, and the U.S. Treasury Department’s report on AI in financial sector cyber security. The purpose of these discussions is to reflect on the application and regulation of AI equipment in the financial markets.

Concurrently, the AI Day event encourages public participation either in person or through a live webcast available on the CFTC’s official website. This initiative is a part of the TAC’s continuous endeavor to create the ground for informed conversations about the challenges of AI technologies at the interface of technology, law, and policy.

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Filed under: News - @ January 1, 1970 12:00 am