A spotlight on the business impact of digital regulation

Episode 4
Transforming data collection – UK Bank of England / FCA spotlight

Available on all major podcast platforms, including:

Listen

This episode Angus Moir, Bank of England joins us to share UK’s plans for Transforming data collection and to pick up with former UK regulator Gavin Stuart where we left off in RegCast 3.

We focus on digital capabilities required for investment firms to share information with their regulators. In short, we move from ‘what’ regulators need to ‘how’ to reconstruct the data plumbing to get high quality and timely data.

Adam Turnbull, Goldman Sachs and Dawd Haque, Deutsche Bank help describe how the sector can work collaboratively over the next decade to unpick the twisted data knot to reduce fines, unlock business value and create better outcomes.

Regulatory data quality is an enormous challenge, and one that JWG has been helping the industry with since 2006.

In June 2012, JWG published Dirty Windows: regulating a clearer view – The €24 billion case for EU transparency? This was one of the first research efforts to bring together the impact of post crisis data demands.

Our paper warned of the ‘illusion of control’ and the risk of ‘Garbage In, Gospel out’ (GIGO) inherent in the way 87 firms from 10 EU countries were tackling new demands for regulatory transparency. Despite the €33.3 billion projected spend by 2015, we foresaw just how creaky the data factories being assembled were.

Thompson Reuters’ 2021 analysis highlights the growing regulatory intolerance on both sides of the Atlantic for poor data. However, this is not the same story we knew in 2016. For the last 5 years, the industry has been quietly revolutionizing the tooling required to share information and now the regulators are beginning to adopt their thinking about how to incorporate it into their data requests (for more background see JWG Digital Regulatory Reporting analysis).

Angus shares the fundamental ‘step back’ which Bank of England has taken to renew the foundations of information sharing. He describes reforms for common data standards, modernised reporting instructions and defining an integrated reporting approach. He also shares the thinking behind this being a 10-year journey which involves a wide community of regulators, not a short-term fix only in the UK.

Dawd, Adam and Gavin describe how it has taken a decade to come to grips with the challenges to share not only data, but the context behind it and the way to derive meaning.

One of the major developments in the past decade has been the development of the ISDA Common Domain Model which is incorporated into JWG’s industry-wide Global Derivatives Digital Regulatory Reporting (DRR) programme. The group agrees that these developments allow the industry to put its shoes on and get to the starting line for the race ahead.

We conclude that the short-term focus is to get a real, practical win by 2024 so that the industry can get the credibility it needs to prove that digital tools and agile approaches can deliver real value.

At JWG, we see the industry at a tipping point this year and are helping the Derivatives sector execute with JWG’s Global Derivatives DRR programme. Stay tuned for more detail on in another RegCast on this shortly.

In the meantime, we are continuing to dig into what other regulators such as the BIS, Banca d’ Italia and APRA have been up to.

For more background and commentary on global regulatory reporting obligations for financial instituions please sign-up for access to our RegTech Intelligence Hubs here and join our thriving LinkedIn community here.

To learn more about what we have found, please register for our NextGen SupTech reporting: Insights from regulatory innovators event on 30 March.

Key topics:

To debate this topic join our LinkedIn community here.
To create your own JWG RegTech Hub on regulatory reporting and data sign-up here.
Speakers and Guests
  • Angus Moir

    Head of Data Collection Transformation Team, Bank of England

  • PJ Di Giammarino

    CEO, JWG

  • Dawd Haque

    Global lead for Regulatory Market Initiatives, Transformation & Strategy – Deutsche Bank

  • Adam Turnbull

    Global co-head Regulatory Engineering, Goldman Sachs

  • Gavin Stewart

    Director, Financial Services Group, Grant Thornton

Related Podcast Content
Listen
Download MP3 Audio
Latest Episodes
Episode 2
Digitalizing DORA with DLT

Aired on: September 23, 2024

Episode 1
RegCast Season 5: Winning the OpRes Marathon

Aired on: September 10, 2024

Episode 6
Episode 4
Has AI forced banks to collaborate?

Aired on: January 23, 2024

Episode 3
Rethinking ESG reporting RegTech 2024

Aired on: January 22, 2024

Episode 2
A new era of ESG data auditability

Aired on: January 12, 2024

Episode 1
RegCast Radar 2024

Aired on: January 11, 2024

Episode 8
Episode 7
Unlocking Embedded Compliance

Aired on: August 4, 2023

Episode 6
Breaking surveillance silos

Aired on: June 26, 2023

Episode 5
ChatGPT in compliance

Aired on: April 14, 2023

Episode 4
Episode 3
Episode 2
Finding market data clarity

Aired on: March 3, 2023

Episode 1
RegTech radars 2023

Aired on: February 8, 2023

Episode 20
De-risking ‘the how’

Aired on: November 1, 2022

Episode 19
DRR Music ups tempo

Aired on: October 24, 2022

Episode 16
TradFi trading & Digital Asset controls

Aired on: October 17, 2022

Episode 17
Digitizing the regulatory horizon

Aired on: October 11, 2022

Episode 16
$2B reasons for surveillance RegTech

Aired on: October 5, 2022

Episode 15
Accountability RegTech in Ireland 2024

Aired on: September 27, 2022

Episode 14
RegTech year 7: Digitally native

Aired on: September 12, 2022

Episode 13
Reviving FinCrime RegTech

Aired on: July 23, 2022

Episode 12
FinCrime RegTech at the crossroads

Aired on: July 1, 2022

Episode 11
An Interpol for sanctions

Aired on: June 23, 2022

Episode 10
Digitalising sanctions

Aired on: June 20, 2022

Episode 9
When DeFi catches the AML car

Aired on: June 1, 2022

Episode 8
Episode 7
Market Watch 69 & RegTech

Aired on: May 24, 2022

Episode 6
Economic crime & RegTech plans

Aired on: May 10, 2022

Episode 5
Protecting Digital Asset Investors

Aired on: March 17, 2022

Episode 4
Managing Digital Asset risk

Aired on: March 15, 2022

Episode 3
Trading Digital Assets on TradFi rails

Aired on: March 11, 2022

Episode 2
Good digital surveillance

Aired on: March 4, 2022

Episode 1
Top 5 RegTech themes 2022

Aired on: February 4, 2022

Episode 20
Disrupting compliance

Aired on: December 10, 2021

Episode 19
Digital supply chain transparency

Aired on: November 12, 2021

Episode 18
Digitizing Compliance’s many dashboards

Aired on: November 5, 2021

Episode 17
Digital compliance

Aired on: October 28, 2021

Episode 15
Implementing RegTech control solutions

Aired on: October 15, 2021

Episode 16
Staying in control of a digital age

Aired on: October 15, 2021

Episode 13
RegTech from horizon to controls

Aired on: October 7, 2021

Episode 14
Episode 12
NextGen SupTech reporting

Aired on: September 28, 2021

Episode 11
Episode 10
MiFID III & Digitalizing Markets

Aired on: July 29, 2021

Episode 9
Approaching the CBDC border

Aired on: June 29, 2021

Episode 8
Episode 7
Democratizing markets

Aired on: April 27, 2021