LONDON, Dec. 23, 2022 /PRNewswire/ -- Suade, the award-winning RegTech firm, which specialises in bridging the regulatory gap through modern technology, hosted its annual RegTech Forum on 29th November 2022, in collaboration with the City of London. The event, organised at the iconic Guildhall, provided a platform for over 150 leaders from across the industry to discuss the challenges in addressing the ever-changing regulatory landscape. All views were welcomed and valued across panel discussions, which included representation from Global Systemically Important Banks (G-SIBs), smaller foreign banks and building societies, to international regulators, trade associations, and professional services firms. The core themes of the day were disruptive approaches to regulation, the impact of RegTech on the industry, and the reliability and integrity of regulatory reporting.
Sir William Russell and Sir Peter Estlin, Aldermen at the City of London, emphasised that the UK's FinTech sector is at the forefront of innovation, competitiveness, and growth. Sir William highlighted Suade as a "Global RegTech Powerhouse" and that the event was a testament to its thought leadership. Suade's CEO, Diana Paredes, set out the catalysts that could unlock and accelerate the development of innovation in the RegTech sector: agile regulation and clarity on regulatory requirements for data harmonisation. Another insightful panel highlighted that the UK's regulatory compliance landscape has been subject to additional pressures following recent political developments, economic downturn, and Brexit. Also, proportionality was discussed during a roundtable with pioneering building societies and smaller foreign banks. Interpreting regulations can be difficult for smaller institutions with limited resources and was highlighted in the Prudential Regulation Authority's Strong and Simple Framework in April 2022.
On the disruptive transformation panel, participants discussed that AI, ML and the cloud are key contributors to streamlining reporting processes, if used properly. The panel of industry leaders across Europe concluded that regulation should not only be a constraint, but it must also create value. This view was sustained throughout the day, with the panel on data harmonisation exploring the benefits of standardising regulatory data for strategic decision-making beyond just regulatory reporting.
The final panel focused on staying compliant in an ever-changing regulatory environment. Under section 166 the Financial Conduct Authority (FCA) has the power to obtain a view from a third party about aspects of a regulated firm's activities. The panel highlighted that no firm is perfect in its governance, and it is difficult to document everything; however, section 166 must be seen as an opportunity for the company to improve its control frameworks and the skills of its employees. The FCA concluded that the ultimate purpose of data collection and analysis is to make better decisions that support regulatory objectives and create the right outcomes for consumers and markets.
The event brought the RegTech community together and emphasised the importance of in-person collaboration to facilitate a step change in regulatory reporting. We look forward to the 2023 RegTech Forum. Find out more about the annual event and Suade's groundbreaking work in regulatory transformation here.