As we enter the year in which we will celebrate the 10th birthday of the G20 plan to make our financial services sector safe we wonder whether we are making enough progress?
Armies of compliance staff are now required to run the firm and the standing armies are brought on in to help with the last three waves of major reform programmes are still there. Surely by now, with total wage and advisory bills for compliance into the billions, RegTech should now be part of the capital allocation programme at the Board level.
We are pleased to publish our latest RegBeacon, in this issue of our newsletter we provide our thoughts on the biggest issues facing the industry and an update on what we are up to:
- 2019: Getting real about RegTech – the demand for better compliance will demand better RegTech. So are we getting real enough about how we govern RegTech?
- 2018 by the numbers: structuring the noise? – our analysis shows, 168,000 pages of text with 50 million words was published in 2H 2018 alone
- JWG’s RegSTP: the RegTech journey less travelled – This is the year to realise that it is worth doing RegTech right
- RegDelta Update – New features for our award-winning regulatory change management platform
- RegTech Council update – with over 200 people from 90 institutions now involved we continue to move forward
As we launch our RegTech SIGs for 2019 we are enjoying lots of enthusiasm from both the regulators and their suppliers. We now have over a year of run-time with JWG’s dedicated RegTech Special Interest Groups (SIGs). The groups were established to bring the industry together to discuss how to best match compliance challenges with the latest technological solutions – covering client management, trade surveillance and reporting and reference data. Each group has a planned agenda for 2019:
- CMS: the group will focus on to investigate a new UK AMLDV industry customer data effort – the next meeting will be in late Feb: : Establishing compliant RegTech architecture for AMLD V
- TSS: the group will continue to focus on range of surveillance challenges starting with the next meeting on 12 March: Organising lines of defence for surveillance
- RRDS: the group will continue to focus on a framework for hosting SFTR reporting requirements beginning on 6 March: A UK reference architecture for SFTR implementation
We hope you enjoy this snapshot – please reach out to firstname.lastname@example.org if you would like to know more.