Episode 20
Disrupting compliance

Our 2021 wrap-up shines a spotlight on controls and the compliance function as the next wave of technology and data-centric obligations forces a move to digital  controls.

Market turmoil, transparency demands, surveillance and operational resilience have all led regulators to demand that the control problem be fixed. However, JWG research has shown that the control infrastructure is more likely to keep senior managers awake than allow them to sleep at night.

Financial Services firms have received hundreds of millions in control failure fines which are often an aggregating factor when the regulator is looking at the way business is conducted.

There has been an explosion of detailed control requirements and with JWG’s current tracking scope we find 1 alert every 2 minutes which triggers impact assessments for thousands of people within a single firm.

JWG has long argued that we need joined up thinking across the back office tribes to create a common golden source backbone that drives model-based compliance. However, legal, operations, risk, data and compliance need solutions which can be relied upon to produce a transparent audit trail, not a black box.

Shifting to model-based controls will fundamentally change the way firms and their suppliers think about compliance.

Gavin Stewart from Grant Thornton, Rachel Wolcott, Thomson Reuters and Robert Cruz, Smarsh  debate what this change will look like, what it means and what they would like under the tree in 2022!

Additional resources:

• To join the JWG Trade Surveillance special interest group, email Corrina
• Access the JWG Surveillance LinkedIn here or Trading here
• To create your own JWG RegTech Intelligence Hub, sign up here
• To register for JWG’s 16/17 November 2021 conference, see here

More RegCasts on digital compliance 

• RegCast 17: Digital compliance here
• RegCast 15: Implementing RegTech control solutions here
• RegCast 10: MiFID III & Digitalizing Markets here
• RegCast 12: NextGen SupTech reporting here
• RegCast 6: Digitizing derivative reporting with DRR here

Speakers and Guests

• PJ Di Giammarino

  CEO, JWG

• Robert Cruz

  Vice President, Information Governance

  Smarsh

• Rachel Wolcott

  Senior editor, risk and compliance

  Thomson Reuters Regulatory Intelligence

• Gavin Stewart

  Director, Financial Services Group, Grant Thornton