An important & very necessary spotlight on the business impact of digital regulation from JWG. As an independent global think-tank our aim is to stimulate holistic debate about the approach to financial services supervision.
NextGen RegTech meets SupTech - Virtual Conference sneak-peek
Market Watch 69 & RegTech
Gone are the days when compliance could assume all communications channels were monitored within the safety of the firm’s firewall. Communications between firms and their clients have become as decentralised as digital assets. Recent fines for improper WhatsAp monitoring and missing 250 hours of YouTube have shaken compliance teams. The FCA’s May 22 Market watch 69 observes a number of policy shortcomings in market conduct and AML policy but remains silent on technology. Experts debate the appropriate RegTech strategies and the business cases which will unlock the funding for them in advance of JWG’s 23 June Seminar. Register here: https://aml-sanc-surv.jwgevents.org/contact-us/
Economic crime & RegTech plans
2022 is a tipping point for the next generation of economic crime RegTech. Decentralised services are presenting unquantified levels of risk to the system and rules are moving fast to keep up. The good news: after 5 years of laboratory experiments and forests of reports, RegTech can provide a migration path for compliance regimes. In this episode we explore the current state of compliance and how RegTech can be leveraged in today’s economic crime programmes across all asset classes in advance of our 23 June Seminar on AML, Sanctions and Surveillance. Register here: https://aml-sanc-surv.jwgevents.org/contact-us/
Protecting Digital Asset Investors
The old days of imaging digital assets as a way to evade regulation are gone. In fact, digital assets are bringing with them better, more digital approaches to compliance. Assets come with ‘compliance inside’ the token and new RegTech tools and approaches are emerging as regulators create certainty for this new asset class. Brian, Rudi, Charles and Phil discuss the key digital asset risks from a consumer perspective and what is the role of RegTech in mitigating them. They also give a sneak preview of what they will be talking about at JWG’s 5 April seminar. Register: http://dartech.jwgevents.org/
Managing Digital Asset risk
A recent industry report revealed tremendous opportunity for wholesale finance if we can get digital assets right. Faster payments, higher availability, cheaper settlement and better liquidity are all within reach. We ask the experts about the fundamental changes introduced by this new asset class and what role of RegTech has to play in monitoring new risks. Tom, Peter, Alex and Dan help us understand what is happening now and why TradFi professionals should care in advance of JWG’s 5 April seminar. Register: http://dartech.jwgevents.org/
Trading Digital Assets on TradFi rails
Purveyors of digital assets have faced a dichotomy of slow-moving regulatory expectations and fast-moving customer expectations. With the US Presidential Order on Digital Assets, regulators have started to move and 2022 will see rules being drafted on either side of the Atlantic. Steffane, Brian and Chris take us though how RegTech can help shape regulatory expectations for these new digital assets and what that means to traditional finance. They also share their thoughts on what they are most looking forward to taking away from JWG’s 5 April seminar. Register: http://dartech.jwgevents.org/
Good digital surveillance
The great work-from-home experiment forced traders from the office and digital surveillance teams into overdrive. RegTech provides a path forwards for serious legal challenges that stand in the way of effective oversight today. Rachel Wolcott, TR and Eddie Cogan, ACA Group discuss what is changing for surveillance functions within financial institutions and wat is most important to get RegTech right? Please see our article here https://jwg-it.eu/article/surveillance-regtech-2022/
Top 5 RegTech themes 2022
Regulation continues to move fast and PJ and Corrina summarise how the RegTech agenda is coming into focus for 2022. They discuss how RegTech is now at another tipping point where it will be asked to help with interoperability between TradFi and Digital Finance. JWG explains the key regulatory drivers and how they will tackle the themes in RegCast Season 2 which you can find in the 2022 Beacon which is on the JWG website ( www.jwg-it.eu ).
RegCast 20: Disrupting compliance
Our 2021 wrap-up shines a spotlight on controls and the compliance function. Market turmoil, transparency demands, surveillance and new technologies have all led regulators to demand that the control problem be fixed. Shifting to model-based controls will fundamentally change the way firms and their suppliers think about compliance. Our experts debate what this change will look like, what it means and when they think it is coming. PJ, Gavin, Rachel and Robert even share their Christmas wishes for 2022!
Digital supply chain transparency
Regulators have introduced new, holistic resilience obligations to ensure that the financial system can withstand IT disruptions. In parallel, new climate disclosures are forcing firms to disclose carbon emissions from their technology. In a nutshell, this means a Firm’s non-financial risk management approach just got a lot more complicated. Front, middle and back offices will need to singing from the same hymn sheet when calculating their green ratios and answering tough strategic and tactical questions about their suppliers. Brian Yeoh, Mike Zehetmayr, and Richard Harmon discuss the fast-changing outlook for one of the world’s most digital sectors which you won’t want to miss at JWG’s annual conference.
Digitizing Compliance’s many dashboards
Historically, regulatory expectations for Compliance officers have focused on identifying and remediating siloed risks which together provide an executive view of conduct and culture. However, global expectations are shifting and a future where a predictive, integrated surveillance capability is supported by large datasets and scalable enterprise-wide solutions is emerging now. JWG asks, “What is the future tech stack for compliance?” and together with Richard Bain and Raj Bakhru discuss the next generation of compliance dashboards that you won’t want to miss at JWG’s RegTech conference. (regtechconference.co.uk)
The pace and depth of regulation is breaking the traditional model for compliance, but new digital tools are emerging to fill the void. Through DLT, compliance is being tokenized, workflows are being certified, clients credentialled and new economic activity stimulated – all with regulatory transparency. In this episode, Dan Doney and Nick Idelson spell out what this means for the markets and articulate a compelling vision for the next generation of RegTech and SupTech that you won’t want to miss at JWG’s annual conference. (regtechconference.co.uk)
Staying in control of a digital age
Nobody has been further out in front of the financial industry’s data needs than Francis Gross, who works at the ECB but agreed to speak to us in a personal capacity. We invited him to share his perspectives on the big measurement problems for regulators in a digital age. He shares his insights into a new theory for overseeing the financial system and we explore how ACTUS and CDM fit in. Make sure you register for our annual conference to get a glimpse of the future before it hits Davos!
Implementing RegTech control solutions
Faced with mounting fines, banks are digitizing their regulatory obligation management process. Horizon scanning has leapt to the fore as one of the core capabilities required to achieve the holy grail of ‘end to end’ solutions that prove to regulators that business is being done right. But getting many silos to map their controls to the same horizon is not as straightforward as it might sound. Niek Delis and Peter Vissers from ING join to discuss what it takes to deploy next generation data feeds like JWG’s RegDelta and control solutions like Sparq. The group cover technical pitfalls and describe the success they have had in winning over key stakeholders to their approach.
Digital surveillance of democratized finance
The democratization of finance has forced global regulators to shine their spotlights on market abuse. In September, Mass Mutual was fined $4m for failing to detect 250 hours of YouTube videos related to GameStop that were outside their surveillance perimeter. Firms are rethinking the breadth and depth of their surveillance programmes and wrestling with thorny ethical and privacy issues. Technology and data vendors are not exempt and there is a big opportunity to get a trusted and integrated surveillance risk framework in place for the industry. For more, register at www.regtechconference.co.uk
RegTech from horizon to controls
Fixing the disjointed nature of regulatory control management has become an imperative for regulators and their patience is wearing thin. Huge volumes of detailed new rules has created an army of ‘horizon scanners’ who struggle to work across the silos and auditors are often disappointed with the resulting controls. NextGen RegTech control solutions are available in the market who can introduce ‘end to end’ solutions. However, buyers need to wary of some AI salesmen that promise the world but can’t deliver a system that meets all business needs. We also need joined up thinking across the tribes – including the firms, regulators and RegTech suppliers.
NextGen SupTech reporting
Regulatory reporting is moving out of the backwater and into the limelight. New tooling is here and leaders are deploying it now just as regulators are losing patience with data quality and issuing another round of large fines. SupTech strategies and RegTech are meeting at a critical moment – listen in as the experts discuss their key issues and what they would like to learn from supervisors, firms, accademia, trade associations and suppliers at JWG’s annual conference. Register today at: regtechconference.co.uk
NextGen RegTech meets SupTech - Virtual Conference sneak-peek
NextGen RegTech meets SupTech We're honoured to unveil a great cast of global regulators, academia, firms and suppliers discussing the next generation of #RegTech #SupTech at JWG's annual 16/17 November 2021 conference. Visit https://regtechconference.co.uk/ Free to attend by Senior managers from financial institutions & regulators and academics
MiFID III & Digitalizing markets
Cries for faster, better, and cheaper access to financial services by millions of investors have shaken the markets this year. MiFID II’s market infrastructure regime is being rethought on both sides of the channel while US rules are debated. We asked 3 market experts about the market politics, process and priorities for the UK, Europe and the US. One thing is agreed: collaboration across public and private sector institutions is required to translate divergent political objectives into detailed, digital standards which reduce friction for the end investors. JWG welcomes the opportunity to host further joint working groups across the channel and pond!
Approaching the CBDC border
CBDCs are now under central bankers’ microscopes as they explore ways to improve digital commerce, reinforce systemic resilience and preserve the foundational role of fiat money in global finance. Emerging technology for digital identities, fraud detection and other elements of a robust payment solution can be a part of digital foundations for new systems that digitize complex cross-border payment systems. How close are we to CBDC becoming reality and what will it take for that to happen?
Digital solutions for new culture audits
5 years since introducing senior management regimes, global regulators are mandating front-office culture audits which apply behavioural science to new culture and conduct measurement. In this episode, 2 authors of the definitive Culture Audit book (http://www.koganpage.com/cafs) join forces with RegTech and legal leaders to explain the key digital insights required for senior management and Compliance to pass the new test. Modelling behavioural norms and expected outcomes is difficult for analogue tooling, but the good news is that it more cost-effective to adopt the new methods required. Guests: Alan Blanchard, Apiax (former FCA) Dr. Roger Miles, UK Finance Conduct and Culture Academy Sam Tyfield, Partner, Shoosmiths Elizabeth Arzadon, psychologist, and MD of Kiel Advisory Group (former APRA)