An innovative collaboration approach to financial regulation is being advocated by Eventus, a leading regulatory technology (RegTech) firm, in their latest ‘Compliance in Focus’ series.
In a comprehensive Q&A session, Jonathan Dixon, director of regulatory affairs EMEA at Eventus, highlighted the importance of collaboration within compliance teams. Dixon suggests that successful compliance officers not only possess comprehensive regulatory knowledge but also strong communication skills. These officers can effectively bridge the gap between revenue-focused front office teams and the compliance department, clarifying trading strategies that have led to trade surveillance alerts.
To maintain a robust regulatory compliance environment, Dixon emphasises the need for knowledge sharing within the trade surveillance teams. He argues that understanding complex cases and the rationale behind decisions is crucial, particularly in the light of the recent surge in alerts due to increased long-term market volatility. Sharing insights can also aid in training or supporting audit teams.
Ensuring effective surveillance across product manipulation, especially in the over-the-counter (OTC) markets, is a challenging but vital task, said Dixon. He underlined the need for ongoing communication among clients, regulators, and vendors to address these complexities.
Speaking on the role of technology in facilitating a collaborative culture, Dixon explained that it expedites the risk assessment process. High-value alerts can be prioritised using technology, freeing analysts to focus on critical cases. In addition, technological solutions, like Eventus’ robotic process automation (RPA) and machine learning, allow analysts to manage and investigate large numbers of alerts effectively.
Drawing attention to the benefits of collaboration, Dixon identified internal growth as a key advantage. Increased collaboration enables analysts to better understand decision-making processes, enhance their knowledge, and improve their interpersonal skills. Additionally, collaboration can promote greater visibility across firms, breaking down silo mentality, fostering a healthier working environment, and improving risk understanding.
Eventus is a renowned global provider of multi-asset class trade surveillance, algo monitoring, and risk control solutions. Its award-winning Validus platform is easily deployable, customisable and operational across various asset markets.
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