After an action-packed two days of innovative ideas, collaborative spirit and technical expertise, JWG, are pleased to report that our participation at the FCA’s TechSprint event was an exciting, informative and rewarding experience.
Held on 9 and 10 November, the event focused on the issue of ‘Unlocking Regulatory Reporting’ using RegTech solutions.
We were specifically invited to offer our regulatory change management platform, RegDelta, to the other participants for use over the course of the two days. This allowed users to gain access to a semantic rulebook that provided a ‘straight through process’ for automated, machine readable interpretation. The FCA’s handbook and reference guides were loaded onto the platform in order to assist technologists at the event with the process of codifying this expert knowledge into ‘RoboRules’ that extracted, manipulated and transmitted data in a safe and practical manner.
The event was a resounding success and RegDelta was used to power two solutions that were commended by the judging panel of industry experts at the awards ceremony on the final day.
One of these solutions, led by Accenture, provided a chatbot to offer expert advice on a section of the FCA handbook that gets over 600 hits a day.
The second, pioneered by ClauseMatch, a real-time document authoring, management and workflow platform, developed an ‘evergreen’ integration between a bank’s policy documents and the FCA’s handbook, providing a direct link between regulatory rules and banks’ policies.
Evgeny Likhoded, Founder and CEO of ClauseMatch, said “We were impressed with the ease with which we could plug RegDelta data into our platform to provide direct linking and regulation monitoring to documents authored on our platform. Experts now have the ability to cut their regulatory research and response efforts from months to days”.
Overall, the spirit of collaboration and innovation represents a game-changing approach by the FCA to react, adapt and actively promote RegTech solutions as means of easing the regulatory burden and revolutionising compliance. In their current consultation on the ‘Future Mission’ of the FCA, this objective of consulting with stakeholders to get their opinions and creating an open and transparent road to reform echoes the current approach of Project Innovate and the promotion of a RegTech agenda across the financial services industry.
With Brexit on the horizon and a regulatory change programme that could cost as much as £17 billion over the next ten years, as well as a complex calendar of looming implementation deadlines, there has never been a greater need to create a robust RegTech infrastructure that can manage the full spectrum of regulatory requirements.
PJ Di Giammarino, Founder and CEO of JWG Group, said: “It was fantastic to see so many technologists focused on solving different pieces of a complex puzzle. We are clearly on the verge of a new era where we can rely on modern toolsets to extract, manipulate and interpret rules in a safer, better and cheaper manner”.
We are excited to see what the FCA does next as part of its RegTech agenda and we look forward to welcoming a new age of regulatory innovation.
For more information on our upcoming RegTech conference, due to be held on 28 February, please see here.