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JWG urges sector to address systemic technology risk blind spot
Articles
04 Aug
2020

JWG urges sector to address systemic technology risk blind spot

  • 4th August 2020
  • PJ Di Giammarino

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 Read More

29 Jul
2020

UK regulators must “bless the code” to operationalise EMIR digital regulatory reporting

  • 29th July 2020
  • Rachel Wolcott

UK regulators must endorse a single digital interpretation of European Market Infrastructure Regulation (EMIR) reporting rules if the digital regulatory reporting (DRR) work underway with industry collaborators is to succeed. The private sector has engaged and done much of the heavy lifting to prove digital regulatory reporting works for all kinds of business models, said Read More

23 Jul
2020

COVID-19: UK FCA preparing to resume routine in-person supervisory visits, virtual visits to continue

As COVID-19 restrictions are eased, the UK Financial Conduct Authority (FCA) plans to resume routine in-person supervisory visits where circumstances permit. The regulator has maintained the ability to make urgent and emergency on-site supervisory or enforcement visits throughout the lockdown period, officials said. An FCA spokeswoman declined to comment on this. The FCA and the Read More

02 Jul
2020

RegTech light on FS IT and data risk – Registration open 21 July

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 Read More

17 Jun
2020

UK Prudential Regulation Authority commissioned 11 regulatory reporting skilled persons reviews in last two quarters

The UK’s Prudential Regulation Authority (PRA) has commissioned 11 skilled persons reviews under Section 166 of the Financial Services and Markets Act 2000 into firms’ regulatory reporting in the last two quarters. The PRA commissioned nine prudential s166 reviews of deposit takers in the fourth quarter 2019/20 (December through February), according to publicly available information. Read More

02 Jun
2020

8,496 additional COVID documents to swamp 2020 compliance

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 Read More

27 May
2020

Out of the window: COVID-19 prompts unexpected regulatory change for 2020 compliance, risk management workplans

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 Read More

19 May
2020

Regulators’ EMIR derivatives trading, MIFID II transaction data unlikely to be yielding insights required in crisis; Change needed

  • 19th May 2020
  • Rachel Wolcott

Author: Rachel Wolcott, Thomson Reuters The European Market Infrastructure Regulation (EMIR) derivatives trade reports and Markets in Financial Instruments Directive II transaction reports regulators collect is unlikely to be yielding the market insights required to navigate the COVID-19 crisis. The European Securities and Markets Authority (ESMA) 2019/20 annual report and work programme shows EMIR reports’ Read More

18 May
2020

Distributed working tests ad hoc approach to trade surveillance

Author: Rachel Wolcott, Thomson Reuters Firms’ ad hoc and often manual approach to market abuse surveillance may perform less well in the distributed working environment necessitated by the pandemic. Surveillance teams will experience higher alert volumes which may cause a backlog to accrue. Firms lacking automated trade reconstruction tools will struggle to fulfil regulatory queries. Read More

16 Apr
2020

The State of Holistic Trade Surveillance – JWG research published 

By PJ Di Giammarino Over the past few years, financial services firms have been investigating how to improve trade-related surveillance capabilities and techniques. Expectations from regulators and senior management have been placed under the microscope, mainly due to high surveillance noise levels across all communication channels and asset classes. In tracking this evolution of technologies Read More