Following the runaway success of A-Team Group’s RegTech Summit in London last month, the New York event rolls into town next Thursday (November 15) with a knock-out line-up of speakers and a showcase presenting innovators offering brand new solutions to help firms meet their regulatory and compliance obligations.
Ahead of the event, we caught up with Abel Picardi, managing director, compliance at Bank of China, a panellist on the Industry Leaders session, to get a sneak preview in advance of the big day.
Q. What does regtech mean to you? Why are you excited about it?
A. Regtech is an advanced set of automated tech tools that will assist financial institutions to manage and mitigate regulatory risks. I’m extremely optimistic that regtech will eventually replace old and ineffective systems, eliminate spreadsheet and word documents, and facilitate the documentation of compliance developments, along with its implementation. It will also enhance the quality of analyses and reporting, both externally and internally.
Q. What is your biggest regulatory challenge?
A. Currently, there are two critical challenges: one is quality of data, the other is the astounding volume of regulatory requirements, which are difficult to manage using spreadsheets.
Q. Why is it such a challenge?
A. Changing behaviour and enhancing a culture where integration of best standards/practices should be the enterprise wide objective. Streamlining of ineffective regulatory requirements needs to occur.
Q. What role do regtech providers have to play in helping you solve your challenges?
A. Regtech providers need to move away from the one-size-fits-all approach. They need to come up with solutions that are unique to a financial institution. Regtech providers need to be able to explain how the architecture of the tools employed will deliver an effective design and lead to accurate results.
Q. What regtech firms are you currently using or planning to implement?
A. We are looking at various firms and their tools to determine whether they are compatible with our current and future needs. We are looking at end-to-end solutions that will be able to provide a single view and prioritise all the risks impacting the bank.
Q. What other cool or interesting regtech firms have you seen out there?
We’ve seen firms possessing potential capabilities in providing the right tool to identify, assess, and report all risks. It is difficult to tell if it can work in our business environment.