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The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

The Global Outlook for Regulatory Compliance – Where Are We Headed?

Are you ready for our upcoming RegTech Summit Virtual 2020? We’re so excited to bring you yet another action-packed online event, running over five days with a brand new livestream to make our content even more immediate. The first day kicks off with a deep-dive look at the global perspective for regulatory compliance and RegTech in a post-COVID world, bringing you RegTech perspectives from innovators and Regulators in UK, Europe  and the US.

The panel will explore the regulatory and supervisory responses to COVID-19 and how this will support fintech, digital and technology agenda, along with a detailed discussion around the long-term impact of COVID on the global regulatory landscape and its implications for financial institutions and the RegTech industry. Here’s a sneak peek into what you might be able to expect…

“The future of regulatory compliance is the same as the future of everything else – it’s technology transformation,” explains Jo Ann Barefoot, CEO and Founder of the Alliance for Innovative Regulation, who will be hosting the session. “We are moving into an era in which RegTech will convert the information used by both regulators and compliance professionals into digitized form, generating data that will then be accessed, managed, mapped, searched, sorted, pooled and analyzed using AI tools like machine learning and natural language processing. As these trends take hold, compliance will become better, cheaper, and faster, all at once, and will absorb constant innovation and improvement, easily.”

Jo Ann will be joined by a host of distinguished guests, all of whom bring a unique perspective to the table.

Pete Thomas, Senior Manager of Data Innovation at the Bank of England, will offer up insights on the UK experience, while Richard Rosenholtz, Chairman of the Nordic RegTech Association, offers insight into the Nordic experience. “Regtech adoption by financial institutions have been slower in the Nordics than in other major financial centers but with the overall technological adoption that have taken place in society since the beginning of the pandemic we are starting to see a positive trend. Institutions have also realised the need to automate GRC due to the cost of manual handling and the operational change of people working from home.”

Ian Hollowbread, Head of RegTech at ING Labs, is keen to explore how we can overcome organizational complexities to achieve greater impact in RegTech across financial institutions and regulators, and we can get a better understanding of how solutions fit across the regulatory landscape. “COVID presents an opportunity for RegTech but is the market really realizing this opportunity and what is needed to make that step change for RegTech?” he asks.

And we are delighted to welcome Vaidotas Tamulenas, Bank Expert with the European Banking Authority, who will give us an insight into  the European outlook.

“Data collected from a sample of 50 (mostly large) EU banks show a significant interest in RegTech, with around 42% of the respondents reported to have implemented at least one RegTech solution,” he tells RegTech Insight. “In the EU RegTech is a growing phenomenon which, if properly facilitated and implemented, can play a significant role to increase compliance effectiveness and contribute to a greater efficiency in the financial sector.” Expect an overview of EBA’s ongoing work on RegTech and a discussion around the importance of raising awareness on RegTech within the regulatory and supervisory communities.

“In order to inform policy discussion aimed at facilitating the uptake of RegTech and to ensure consumer protection and financial stability, it is key to understand opportunities, challenges and risks that come along with the use of innovative RegTech solutions,” stresses Mr. Tamulenas.

To book your complimentary place for this exclusive livestream event, click here.

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