by Ann Kelly, on December 21 2016
Today, financial services organizations need solid information in order to make decisions that drive positive organization, stakeholder and customer outcomes. As the volume of data flowing into financial organizations continues to increase, the ability to rapidly access, manage and make sense of it in order to improve information management, comply with regulatory requirements and transform information into products and services is key to managing risk and improving ROI.
Experts estimate the cost of regulatory compliance in the financial services industry in the UK will reach approximately £17 billion over the next 10 years. Brexit and any efforts to change or eliminate Dodd Frank in the U.S. will exacerbate the issue as changing regulations will only increase workloads.
The Financial Conduct Authority (FCA) is taking action that is noteworthy and welcomed by the market. By pulling together a superior RegTech team and creating an ecosystem, which supports UK regulated firms, they are providing the leadership organizations are looking for.
In November, the FCA held a hackathon or TechSprint as they call it, encouraging competitors to develop ways to streamline regulatory reporting. The event included 100 developers, which included post grad students from University College London and Cambridge University, and 30 organizations who worked in teams to develop solutions.
One organization, JWG, participated in the hackathon with its RegDelta product. Using the Semaphore platform, they have developed an ontology that traverses individual regulations across jurisdictions, which allows them to easily identify the Commodity Futures Trading Commission (CFTC) in the U.S., MiFID standards in Europe and the relevant legislation in Hong Kong to provide a single view for the business.
In a world where organizations are spending millions of dollars complying with regulation, products like JWG’s RegDelta provide a leg up to organizations who incorporate technology to solve real world problems and eliminate the hassles associated with error prone manual processes.
“COO’s are sick of writing checks to the consultants, big and small; lawyers and contractors. Today, the services market in compliance is booming but we can’t sustain the industry without taking out some of the middle men and leveraging the new technology we have at our disposal. It’s about getting the right people focused on delivering their expertise but via a platform that takes away the pain of 'cut and paste’,” PJ DiGiammrino, JWG.
To learn how JWG leverages the Semaphore platform to help customers efficiently and effectively comply with financial services regulation read the full article using the link below:
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