李扬：从防风险到促创新，在数智化浪潮中重塑金融风险治理

Core Viewpoint - The speech emphasizes the need to reshape financial risk governance from a focus on risk prevention to promoting innovation in the context of digital intelligence transformation [1] Group 1: Traditional Financial Risk Governance - Traditional financial risk governance relies heavily on structured data such as balance sheets and income statements, which have limitations as the industry evolves [1] - The introduction of unstructured data like images has not sufficiently addressed the challenges posed by digital enterprises utilizing blockchain and big data technologies [1] Group 2: New Characteristics of Financial Risk - Financial risk is becoming "black-boxed," making it difficult to understand the essence of risks due to reliance on algorithms and platforms without adequate expertise [2] - The combination of algorithms and high-volume trading leads to "flash crash" risks, where rapid transactions can occur faster than traditional risk management can respond [2] - Risks are now "contagious," spreading quickly across different sectors and participants due to the interconnected nature of digital finance [3] - The mechanism of risk transmission is fundamentally changing, with risks now able to suddenly spread through platforms, complicating regulatory oversight [3] Group 3: Responses to New Challenges - There is a need to advance the digital transformation of the regulatory framework to keep pace with the integration of blockchain and AI in financial activities [4] - Establishing a collaborative data-sharing mechanism is essential to enhance regulatory effectiveness and avoid resource wastage [4] - An algorithmic explainability mechanism is crucial for transparency, requiring innovators to articulate algorithms in a way that is understandable to ordinary investors [4] - The balance between risk prevention and innovation promotion can be achieved through digital regulatory transformation and transparent algorithms [4]