What has caught my eye this month?
A pivotal month for me, a year on from launching Regulatable as a site to support small business and startups navigate regulation, I have this month co-founded and launched RegTech NZ for business, NZ regulators and vendors to help address compliance challenges using community and technology. After starting this conversation with co founder Tim Larkin, a couple of years back, a chance meeting this year offered an opportunity to finally make this real, adding into the mix Vincent McCartney, and Prue Tyler and a lining up of the right people with a common goal and drive to establish something that is right for the market now is an exciting prospect and we are looking forward to channeling chat to action and driving change.
What's sharing on Linkedin
Julian Fenwick GRC, shared an interesting article from Finance Magnate entitled “The Regtech Industry is booming, but Why?” The article reflects the projected growth of the RegTech industry to be generating US$21.73 billion by 2027, why Technology is the backbone, and whether RegTech should be regulated. This is an interesting review also highlighting the government commitment and investment being seen in Australia and Singapore.
Sian Lewin, co-founder of Regtech Associates announced a series of upcoming digital reporting roundtables with leading technology and professional service partners, facilitating discussions about integrated financial risk management, collaborative sharing of financial crime typologies and the importance - and challenge - of transparency in corporate ownership.
3 key fundamentals to change identified by Sian were -
(1) Honest and open conversations about what isn’t working
(2) Collaboration to find new solutions to old problems
And the point that speaks to me really well when we talk about changing the way we do regulatory change is that of ….
(3) Exploring the art of the possible to solve problems we don’t even know about yet
Mathew Waddington got me very excited this weekend by sharing a post by Daniel Katz, relating to a recent paper published on Law as Code.” Law Smells Defining and Detecting Problematic Patterns in Legal Drafting” To be able to simplify the understanding and application of regulation from the source (aka legislation) is an exciting proposition, but meets with many complexities both technically and ethically, but that doesn’t mean we can't try. Even in New Zealand innovators and vendors are pushing those boundaries
RegTech Analyst has a regular publication of articles from around the world that can be subscribed to. One of the headliners that caught my eye this week was a collaboration of two firms that I follow closely; Barclays announced the strengthened partnership with Clausematch rolling out the Policy portal Read article. Clausematch CEO and founder Evgeny Likhoded summed up the future of RegTech collaborations nicely stating “Our partnership demonstrates the mutual advantages and value to be gained by sharing the technical agility of a startup with the expertise and scale of an established institution like Barclays.” Collaboration is increasingly proving the way to solve our challenges.
Webinars
RegTech Association, led by Deborah Young continue their series of “RegTechEdgeNoBorders” webinars, providing a platform for members to showcase their products to the community, a great way to raise awareness of the diversity of solutions available.
Change Gap regtech working group session on “Conduct & Culture in Regulatory Reporting” led by Sarah Sinclair brought together a premium group of RegTech think tankers with some robust discussion on moving regulatory reporting forward.
Key takeaways -
1. We are using reports that originated before some of the regulations we are now applying them to.
2. Data, understanding it and using it SMARTLY is key. Solutions should be "data driven not report driven". Open Data standards will facilitate common understanding, and emerging technologies provide the opportunity to manage it better.
3. Collaboration is complex when bringing together actors from different segments, independent facilitation in the form of forums such as those held by the speakers - and our newly formed RegTech NZ - can help "bring the smartest to the room" to solve the current challenges.
Key Media also published a write up of our RegTech NZ Launch event this week in Insurance Business mag. If you want to also watch the recording go to RegTech NZ linkedin site