SupTech update: Digital Regulatory Reporting is here 

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By: PJ Di Giammarino  After a decade of data challenges, Regulators are now taking cautious steps towards new reporting technology. New reports issued this month show that DRR finally has traction and that demand for better solutions is high as the industry pinpoints which areas to deploy it.   We may finally be at a tipping point for both transactional and prudential data reporting. However, all eyes

JWG urges sector to address systemic technology risk blind spot

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JWG is proud to announce the publication of a ground-breaking research report ‘Risk control for a digitized financial sector.’    The analysis identifies a large systemic technology risk blind spot which regulators must take the lead in addressing. JWG urges Financial Services regulators and firms to collaborate with technology firms on new RegTech standards in advance of cloud and data crises.    The paper, which incorporates findings from JWG’s RegTech 2.0 conference and dozens of discussions with regulators, regulated and academia, builds on 10 years

How a firm manages data is now intrinsic to its value, yet the FS risk management framework provides no way to account for IT obsolescence, cloud concentration and data risks on the balance sheet. An explosion of advanced computing capability facilitated by cloud technology has provided massive benefits to both regulated financial institutions and their

FS Compliance officers have been hit with an unprecedented deluge of 3,021 COVID-19 alerts 2 months into the pandemic, which JWG forecasts to be a total of 15,695 documents by year end.   Regulators expect firms to be able to navigate these difficult circumstances while delivering fair outcomes for customers and complying with existing rules. That’s one of the clear messages in these 3,000 plus regulatory updates.  Better RegTech tooling is

Firms’ 2020 compliance workplans and risk management strategies have been rendered redundant as the regulatory response to COVID-19 has usurped everyone’s agenda. Regtech companies tracking COVID-19-related regulatory publications say more than 1,300 announcements have been made internationally as regulators roll out pandemic-specific guidelines and relax some rules to help financial institutions manage their businesses. “If

Round the table: ​ Firms:  Barclays, BlackRock, BMO, BNP, Commerzbank, Credit Suisse, ED&F Man, GAM, Janus Henderson, Jeffries, JP Morgan, Macquarie, Man, Nomura, RBC, Santander, Scotia, Soc Gen, TD, UBS, Wells Fargo​ Vendors: Altergaia, Digital Reasoning, Grant Thornton, Lysis, NICE Actimize, pTools, Relativity Trace​ Regulators: FCA​ 30+ people will:​ Review recent conclusions from FCA review and Global AML TechSprint​ Discuss operating

Round the table: ​ Firms:  Aviva, BAML, Barclays, Blackrock, BNP, Commerzbank, CS, ED&F Man, Fidelity, GAM, Janus Henderson, Jefferies, Macquarie, Morgan Stanley, RBC, Santander, Scotia Bank, Soc Gen, State Street, TD and UBS ​ Vendors: Altergaia, Digital Reasoning, NICE Actimize, pTools, Relativity Trace​ 30+ people will:​ Discuss the results of JWG’s Surveillance Capability model research findings​ Discuss the group’s view of barriers

Round the table: ​ Firms:  Avivia, BAML, Blackrock, Credit Suisse, Fidelity, GAM, Janus Henderson, Jeffries, Northern Trust, Renaissance Capital, Santander, Scotia Bank, Soc Gen, State Street, TD securities, UBS, Wells Fargo and Westpac​ Vendors: Digital Reasoning, NICE Actimize, pTools, Relativity Trace​ 25+ people will:​ Discuss the results of JWG’s Surveillance Capability model research findings related to voice​ Review new papers