Can Machine Learning in Finance Inform Clinical Decision Support?


Before I dive in, I think it makes sense to start with some level setting remarks about the definition of machine learning. I gave my first machine learning talk in 2015. At that time, Wikipedia defined the term as “the study of algorithms that could learn from data.” By 2018 their posted definition was “a field in computer science that gives computers the ability to learn without being explicitly programmed.” As of this week, Wikipedia says it is the “study of algorithms and statistical models that computer systems use to perform a specific task without using explicit instructions, relying on patterns and inference instead.”

So, when we talk about regulating the use machine learning, we need to first recognize that it is a bit of an elusive concept. The semantics have changed over time, and I suspect they will continue to do so. This can be a challenge to a regulator seeking to draw bright lines around practices that use it.