Five key takeaways from our event: Regulation & Compliance 2030
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Event: Regulation & Compliance 2030

    By Lois Engstrand, Marketing Manager at ClauseMatch
    on 31 October, 2018
    Thursday 4th October 2018, our long-awaited Regulation and Compliance 2030 event took place at Level39 headquarters in Canary Wharf. The evening featured an interesting panel discussion between a number of industry experts who explained where they believe regulation and compliance is heading over the next decade and discussed how the regulatory landscape might look in 2030.
    RegTech will help to supply the tools to stay compliant easily. But moreover, it will help to retain people.
    — Olivia Blanchard, Founder of Live Consulting.
    On the panel was David Bundi - RegTech Expert, Gonzalo Hurtado – Head of Control, Finance at Santander and Investment Bank, Olivia Blanchard – Founder of Live Consulting and Rose Chapman – Global Head of Compliance and Ethics at Travelport.

    Here are five key takeaways from the panel discussion.
    Data
    Panellists all agreed that, in the years ahead, one of the most important issues in the regulatory space is likely to be data collection and interpretation.

    Banks and other financial organisations tend to generate huge volumes of data around compliance workflow yet much of this data is still not captured. Not only must this data be captured with the help of regulatory technology (RegTech), but education is also needed so that firms can understand how to interpret and use this data to improve processes and achieve their business goals. Banks need to control their data and create value out of it, in the same way, that companies across other industries have done.
    People
    The panel also agreed that while RegTech can help automate and streamline processes, people will still play a vital role in the compliance process over the next decade. While technology can make life easier, ultimately, people are responsible for ensuring that firms stay compliant. In this regard, it's important to provide compliance staff with the tools and education they need to do their jobs effectively.
    Collaboration
    Linked to this human aspect of compliance, is the need for more collaboration and less 'silo mentality.' This includes collaboration between banks and RegTech firms, collaboration between banks and regulators, and collaboration between RegTech firms and regulators. Communication can make the process of adopting new regulations considerably easier. Panelists and integration across teams within banks is also essential.
    Embracing Technology
    Another issue that came up in the discussion was that banks need to embrace technology more, in order to move forward and deal with regulatory change more effectively. Many large financial institutions are still using very old back office systems which create challenges in remaining compliant. In order to ease the regulatory burden, compliance processes need to become digitalised going forward – old platforms have been made redundant by innovative, intelligent systems which can increase effectiveness and generate better results. Yes, migration to new systems is expensive and requires investment, but it could make a significant difference when it comes to remaining compliant with new regulations. Investing in new technology is the only way forward. "RegTech will help to supply the tools to stay compliant easily. But moreover, it will help to retain people," Olivia Blanchard, Founder of Live Consulting.
    Challenges
    Lastly, the panel identified that there are likely to be a number of challenges that the industry will face over the next decade. For example, many of those at the top of the hierarchy within financial institutions are often tech averse and do not like change, and are therefore reluctant to embrace new systems. Others do not want to spend heavily on compliance and would rather spend money on front office systems to boost top-line growth. Again, education is important here so that people understand the benefits of using technology in compliance.

    This is just a brief overview of some of the key issues that came up in the panel discussion at our Regulation & Compliance 2030 event. We plan to produce a short white paper to supply that looks at some of these issues in more detail.

    We also handed out a survey on the evening that asked attendees to answer a number of key questions concerning regulation and compliance, with 50% thinking we will see Robot Compliance Officers in 2030. We will be using the results of the survey to help produce our white paper.

    Click here to participate in the survey.

    Our next event is on the 24th of January. Sign up here to be kept updated on all our future events.

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