We teamed up with international law firm Squire Patton Boggs to host a RegTech event as part of Leeds Digital Festival.
RegTech Talks featured a range of panellists and industry experts, who discussed compliance issues being faced today and how technology is being developed to make compliance more streamlined and less time consuming.
What Is RegTech?
Regulatory compliance plays a vital role in safeguarding consumers, but the mechanisms which drive it within firms can be archaic and inefficient, often leading to frustration and rising costs.
Technologies are now being developed to make regulatory compliance easier than ever, oftentimes smashing antiquated, incumbent systems and processes out of the water: new RegTech innovations are delivering new commercial value to firms, driving operational efficiencies and ultimately improving customer outcomes.
How Well Do You Know Your Data?
Tom Bowie, Financial Regulation Solicitor at Squire Patton Boggs kicked off the evening with a talk on Compliance Use Cases and What the Future Holds.
“We see a lot of compliance within client money rules.” An example of this, used by Thomas, is that in April 2015, the Bank of New York Mellon we’re fined £126m due to compliance issues
“A lack of harmony between regulators is one of the the main problems for RegTech solutions”.
RegTech: The New Rock ‘n’ Roll!
Mark Braddock, COO of Recordsure gave an incredibly insightful presentation on the technology they have developed and applications within the world of finance and other regulated industries where customer care is key.
“What we do is we can deliver efficiencies that can take up to 90% of admin work out of the business process. This enables you to readjust your priorities regarding your resources.”
“There are a few key issues when achieving regulatory compliance. It’s typically, in today’s industry, about putting bums on seats and doing things manually. Another is the inconsistency you get with the application of regulations.”
Mark’s talk really shifted the mindset of compliance to a competitive advantage.
Working Hand In Hand
Brent Stansfield, UK Sales Manager at Your Special Delivery Service talked on shipping automatization and revolutionising compliance in a static industry.
Brent focussed on how imperative interoperability is when considering the development of RegTech within the shipping and logistics market. Brent highlighted the amount of different considerations there are in terms of the nature of the consignment, its destination, as well as official documentation.
“There are eight to ten different portals a customer and/or shipping provider must access to ensure the compliance needs are met and when you’re working with very specialist shipments, you could be looking at even more.”
Thanks to the success fo the evening and the apparent appetite for communication around the fast-paced world of RegTech and the possibilities it holds across numerous industries, we’re looking to carry on the conversation and turn Regtech Talks into a series of events.
If you’d like to get involved as a speaker or have a topic in mind for our next event, please get in touch at firstname.lastname@example.org.