Following fierce technical collaboration last week, JWG, the regulatory think-tank, are proud to announce that two of the solutions they powered were commended by the judging panel at the FCA’s TechSprint.
For two days, the FCA brought together a cross-section of firms, including financial services providers and technology companies, to develop ideas which could help address the cost, efficiency and effectiveness of regulatory reporting.
Nine teams competed for four awards and RegDelta, JWG’s award winning regulatory change management platform, was instrumental in providing a machine-readable interpretation of a semantically enriched FCA handbook.
Two rapidly developed capabilities impressed the panel of judges, which was made up of industry experts. One, led by Accenture, provided a chatbot to offer expert advice on a section of the FCA handbook that gets over 600 hits a day.
The second, pioneered by ClauseMatch, a real-time document authoring, management and workflow platform, developed an ‘evergreen’ integration between a bank’s policy documents and the FCA’s handbook, providing a direct link between regulatory rules and banks’ policies.
Evgeny Likhoded, Founder and CEO of ClauseMatch, said “We were impressed with the ease with which we could plug RegDelta data into our platform to provide direct linking and regulation monitoring to documents authored on our platform. Experts now have the ability to cut their regulatory research and response efforts from months to days”.
A robo rulebook is envisioned by RegTech specialists as a customisable and enriched version of all rulebooks and guidance. The industry can leverage this semantic approach for all types of regulatory obligations – not just reporting.
PJ Di Giammarino, Founder and CEO of JWG Group, said: “It was fantastic to see so many technologists focused on solving different pieces of a complex puzzle. We are clearly on the verge of a new era where we can rely on modern toolsets to extract, manipulate and interpret rules in safer, better and cheaper manner”.