The panel of judges, consisting of cross-industry experts in the industry, at the hackathon was impressed with the flexibility and readiness of the solution. It came as a result of integration of ClauseMatch API-driven content platform that global banks use to manage internal policy documentation and JWG RegDelta regulatory change management platform to provide full transparency of the affect that regulation has on internal policies and processes. The newly developed RegTech solution will help incumbent and challenger banks manage their policies and cope with frequent regulatory changes.
With nine teams competing for four prizes, ClauseMatch, the award-winning API-driven innovative content platform provided it's software as the basis for integrating the data management solution provided by JWG. In the course of just two days the team successfully combined sections of the FCA Handbook directly with internal documents that deal with those sections based on regulatory taxonomy developed by JWG, to provide real-time monitoring of regulation and internal processes. The new solution makes complicated compliance process simple, flexible and efficient. The team received honourable mentions in two categories.
Regulators are taking innovation very seriously and the FCA has said that it is very interested in exploring whether technology solutions can help simplify the compliance process for banks and new entrants to financial services markets. Where it sees opportunities to encourage the development and adoption of innovative solutions to regulatory problems, the FCA has said it will continue to convene other events of this type.
During the event Kristen Silverberg, Managing Director, Institute of International Finance shared the key points of a new paper on innovation across mid-size banks which also stresses the role of new technologies in financial regulation.
PJ Di Giammarino, Founder and CEO of JWG Group, said: "Both regulators and investment firms can take the pain out of compliance by adopting new RegTech tools. We were pleased to be able to incorporate RegDelta into a holistic proof of concept".
Evgeny Likhoded, ClauseMatch CEO & Founder, commented: "It's been a great experience collaborating and innovating together in one room trying to make complicated simple. The results of this FCA TechSprint have shown that there exists huge potential for revolutionary changes. RegTech still remains a largely unexplored field and with initiatives like this TechSprint coming from FCA itself, who is the source of regulation, are encouraging and capable of harnessing new solutions to automate financial regulation and compliance".