I have a dream. It is futuristic, but realistic. It involves a Star Trek chair and a bank of monitors. It would involve tracking the global flow of funds in close to real time (from a Star Trek chair using a bank of monitors), in much the same way as happens with global weather systems and global internet traffic. Its centerpiece would be a global map of financial flows, charting spill-overs and correlations. — Andy Haldane, Chief Economist, Bank of England
Speaking at the Maxwell Fry Annual Global Finance Lecture: Managing Global Finance as a System at Birmingham University on 29 October 2014, Andy Haldane’s vision of a tech-led regime might have seemed futuristic. Fast forward a few short years, however, and Regulation Technology, or RegTech, is transforming the financial services industry by providing banks and other financial institutions with an efficient and cost-effective way to enhance transparency and standardise regulatory processes.
With a particular emphasis on regulatory monitoring, reporting and compliance, information technology is helping compliance teams to improve consistency and increase efficiencies, as well as providing innovative risk management and cybersecurity tools. Moving on from its initial focus on digitising manual reporting and compliance processes such as Know Your Customer requirements, RegTech is being touted as having “the potential to enable a close to real-time and proportionate regulatory regime that identifies and addresses risk while also facilitating far more efficient regulatory compliance.” (FinTech, RegTech and the Reconceptualization of Financial Regulation, Northwestern Journal of International Law & Business)
Philip Treleaven, Director at the UK Centre for Financial Computing and Analytics and Professor of Computing at UCL, who coined the term RegTech, will lead a session on Day 1 at which he will discuss the opportunities RegTech offers and what this means for governance and compliance professionals. A leading expert in Artificial Intelligence, the Internet of Things and Blockchain, Professor Treleaven is currently leading a project at UCL to automate financial regulation. Previous achievements include building the first insider dealing detection system for the London Stock Exchange. He has also spent the past 15 years developing algorithmic trading systems with many of the leading investment banks and funds.
Hear more from the Father of RegTech at 1:30pm on Tuesday 9 July.