The FCA and Bank of England are working closely together on data initiatives to restructure and modernise the way that data is collected and utilised in the industry. One of the main pilot’s which the FCA have focused on is Digital Regulatory Reporting (DRR). The overall aim of this work is to explore how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide to the regulator.
It begins by examining the challenges which we currently face with regulatory reporting and continues with one of its primary objectives, to find third-party solutions for the ‘generation of machine executable regulation’.
Suade’s regtech solution, along with FIRE data format, covers many DRR objectives including:
Representatives from financial and professional services, RegTech firms and academics came to the event.
It began with a panel discussion on the future of RegTech, and how we can work together to overcome industry challenges. Representatives from the TechSprint teams then presented updates on their prototypes.
The FCA has used ideas from this event to help influence and inform our proof of concept work plan.
The aim of the event was to identify potential solutions to help improve the efficiency of regulatory reporting. Around 100 developers from across 30 organisations took part.
The ideas generated spanned the whole process of regulatory reporting, starting with converting the FCA Handbook into machine-readable text and using this to enable automated advice or personalised filtering that uncover which parts of the Handbook would apply to a particular type of firm. Other teams re-interpreted how regulatory reporting could be undertaken – moving from firms ‘pushing’ reports into the FCA, with the regulator storing all this data, to a possible scenario of the FCA ‘pulling’ the agreed data instantaneously from firms as required.
For additional coverage on the TechSprint by Finextra, click here.
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