From Risk Control to Risk Regulation:Regulatory Approach to the Algorithm Black Box of Quantitative Fund Companies
Under the background of risk society,the traditional industrial society is moving forward to the modern algorithm socie-ty.With the deep application of algorithm,various quantitative fund companies have developed rapidly,which has promoted the opera-tion efficiency and investment effect of traditional fund products to a certain extent.However,due to factors such as agnosticism and the obscurity of the algorithm,quantitative fund companies also have the problem of the algorithm black box.The traditional regulatory sys-tem has shortcomings in the algorithmic black box regulatory paradigm from three terms.In terms of regulatory objectives,existing regu-lations overly emphasize risk control.In terms of regulatory subjects,existing regulations lack effective communication and coordination mechanisms.In terms of regulatory measures,existing regulations have not formed a comprehensive regulatory approach.Adopting the risk regulation theory can effectively address the regulatory issues of current financial risk prevention goals,objects,and means.To solve the problems and challenges brought by the algorithm black box of quantitative fund companies,China must shift from risk control to risk regulation,starting from the level of risk regulation objectives,subjects and measures,and comprehensively construct a regula-tory approach for the algorithm black box of quantitative fund companies.
Quantitative fund companyAlgorithm black boxRisk controlRisk regulationRegulatory approach
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