With the FCA’s commitment to innovation and to becoming a global leader in the development and adoption of RegTech solutions, JWG is excited to announce that we have been invited to participate in their upcoming TechSprint event.
Held across two days, on the 9 and 10 November, the event, which focuses on the topic of ‘Unlocking Regulatory Reporting’, will “bring together a cross-section of firms, including financial services providers and technology companies, to develop technology ideas to help address the cost, efficiency and effectiveness of regulatory reporting”.
With ten years of experience in the industry and an award-winning platform for managing regulatory change, it was a natural progression for JWG to support the FCA’s overarching RegTech agenda. In particular, JWG previously held a roundtable discussion with the FCA to collect market views on RegTech and, last July, hosted our own RegTech Capital Markets Conference, which was attended by the FCA and over 170 senior executives. Therefore, we feel equipped to collaborate and contribute to the discussion on transforming regulatory compliance using innovative, new technologies.
In the recent Feedback Statement from the FCA’s ‘Call for Input on supporting the development and adopters of RegTech’, there was a strong emphasis on utilising “technology that drives efficiencies by closing the gap between intention and interpretation” of regulatory obligations. JWG are excited, therefore, to introduce our RegDelta platform to the exclusive crowd of invited guests.
RegDelta, which is already supporting a dozen firms and regulators, is being provided to TechSprint participants, and will give them access to a semantic rulebook that provides a ‘straight through process’ for automated, machine readable interpretation. JWG are loading the FCA handbook and reference guides onto the platform to help technologists codify the expert knowledge into ‘RoboRules’ that extract, manipulate and transmit data in a safe and practical manner.
In a recent report, Brexit: changing out the engine of finance, JWG calculated that a regulatory change programme could cost as much as £17 billion over the next ten years. Timing has never been more critical and there has never been a greater need nor a greater opportunity to create a dynamic and comprehensive RegTech strategy that can revolutionise financial services regulation.
This sense of urgency is echoed in the FCA’s recent Consultation, ‘Our Future Mission’, where it was stressed that they have a specific obligation to promote innovation and competition across the markets and, with technology transforming financial services, there is a need to bring market participants together now in order to discuss the challenges and opportunities posed by such developments.
PJ Di Giammarino, Founder and CEO of JWG Group, said: “This isn’t just about automating a single regulator’s rulebook. Thousands of firms can win by deploying RegTech to meet the regulatory demands of 2017 to 18 as the new rules are made. We’ve proved RegDelta revolutionises the firms’ traditional compliance approach and are excited about the phenomenal reduction in overheads resulting from AI-assisted access to regulatory rulebooks. At long last, the industry can access a single version of the business truth!”
RegDelta, like the JWG think-tank, was founded on the principles of collaboration and we are delighted to see the FCA working with stakeholders to promote collaborative solutions. This is a welcome development for UK investment firms as JWG have proved that collaborative approaches lead to better solutions and reduce costs.
JWG is excited to be a part of this transitionary period and we look forward to seeing what impact the TechSprint event has on the direction the FCA decides to take in furthering its RegTech agenda. We also hope to have them participate at our 28 February RegTech conference next year!