The adoption of RegTech solutions is shooting through the roof – with companies in the space in more demand than ever before.
With this considered – what is the role of the regulator in this particular process?
In a dicussion, Financial Conduct Authority former head of RegTech and Advanced Analytics Francesca Hopwood Road, New York Department of Financial Services former executive deputy superintendent, research and innovation division Matthew Homer and University of Nottingham professor of law, regulation Richard Hyde discussed this topic.
Discussing what was the regulatory mandate of the FCA and the NYDFS and its role in the adoption of RegTech, Homer remarked, “In addition to the core regulatory responsibilities you would expect aregulator to have, we also have a mandate related to economic development, job creation, competitiveness and regulatory modernization. So, we are just at the beginning of our RegTech journey.”
Homer emphasised that the FCA has been a leader in this particular space for a while, the NYDFS is really only at the beginning.
“In regard to how we’re thinking about RegTech right now, our goals are very simple – which is to automate as much as possible the collection of data and enable our examiner’s to engage in much more real time supervision in order to really be able to focus on areas of greatest risk.”
As RegTech continues to grow in stature and expertise, what role will regulators continue to play going forward?
To listen to the whole presentation, enrol in the Professional RegTech Certificate.
About the Professional RegTech Certificate
The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.
The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.
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