JWG’s RegDelta helps G-14 bank win 2015 FinTech award
Regulatory change platform recognised for excellence
London: 18 November 2015. JWG, trusted by the global financial services industry as experts in regulatory change management, gathered with leading figures to celebrate with Royal Bank of Scotland (RBS) after they won a prestigious ‘best use of IT for the purposes of risk/ regulatory management’ award.
RBS was recognised for its project to create a standard set of interpretations to inform business requirements documents (BRDs) for over 50 regulatory reporting regimes across the globe. Hundreds of systems and databases were part of the scope of the analysis, involving scores of business stakeholders.
Claire Hussey, Head of Middle Office and Supervisory Technology at Royal Bank of Scotland, said, “This is an innovative way for us to manage our compliance with regulatory rules. We hope this will lead the way in providing a standardised and mutualised approach to regulatory rules interpretation across the financial services industry. Our operations and technology teams are thrilled to be recognised by this award.”
RegDelta is the world’s first regulatory change management platform that allows firms to analyse and maintain a golden source of all their regulatory obligations. This state of the art platform empowers the enterprise to assess the impact of every clause, assign the right actions and track the status. Tracing decisions and storing documentation to provide a robust corporate memory, it provides powerful change management workflow and reporting unavailable on other platforms.
Simply, traditional approaches to managing the volume and multitude of regulatory changes have proven costly, slow and, in many cases, resulted in further complexity, confusion and fines. Regulatory compliance continues to top the board’s agenda. The consequences of inadequate reporting can be severe and, between 2009 and 2014, global regulators levied more than USD260 billion in fines.
Commenting on the award Blythe Barber, Managing Director of JWG, said, “Senior management saw two distinct choices ahead of them: either kick off a series of ongoing and siloed governance risk and compliance (GRC) projects for the foreseeable future; or leverage a state-of-the-art regulatory data platform to create a new way of managing regulatory reporting. We’re proud of how the team has leveraged our RegDelta platform to pioneer a new approach to managing regulatory change.”
Managing Director, JWG
We are operations and technology professionals trusted by the global financial services industry as experts in regulatory change management.
For the past decade, our team of independent analysts has helped the industry interpret large quantities of regulatory reform and action it in a smart and intelligent way. JWG work with trade bodies and regulators to facilitate the understanding of regulatory change and its impacts on financial institutions, both sell and buy-side, as well as the market infrastructure and vendors that serve them.
We do this in three ways. Firstly, we track the totality of the FS reform across the globe in order to educate the market via our publications, events and training programmes. In parallel, we run collaborative special interest groups to crowdsource the impact from legal, compliance and operational perspectives. Finally, we provide the world’s first regulatory change management platform, RegDelta.http://regdelta.com/
Through all of our services, we help our clients make sense of the regulatory requirements and manage change better, faster, cheaper and safer.