600 delegates from across Europe discussed RegTech and regulatory developments at this year’s 23rd Abacus Convention
With a record number of almost 600 participants, the 23rd Abacus Convention was BearingPoint’s biggest user conference to date. Representatives from banks, insurers, regulators and central banks from twelve countries constituted the delegates who were also joined by BearingPoint’s cooperation partners.
Key themes at the event included innovating regulatory processes through Regulatory Technology (RegTech), new regulatory requirements such as Basel IV, BCBS 239, EMIR II and MiFID II/MiFIR and BearingPoint’s new Abacus360 software generation.
Jürgen Lux, Partner at BearingPoint, commented: “We are happy with the very positive feedback from the delegates, the strong interest in our Regulatory Technology and the expert presentations. This is a substantial indication of the topical relevance of these industry matters and further proves our claim that the Abacus Convention has now been established as a must-attend event in the area of regulation.”
Highlights of the first day’s Banking Conference focused on case studies and discussions with Abacus360 pilot customers and the “Rethinking Regulation” panel discussion moderated by Frank Romeike. Standardization and automation, which require an optimized data management as a fundamental prerequisite were cited as the most important trends, according to the perspectives of the panelists. These tools were stated as the means to equip the panelists’ ability to face the unstoppable flood of new regulations, especially ad-hoc requirements, such as the new Fire Drill exercises of the European Central Bank. The experts agreed that regulatory reporting should be an integral part of the banks’ management information systems.
Following impulse speeches from the German Bundesbank and EIOPA, the participants of the Insurance Conference discussed key topics for insurers around Solvency II reporting. The subject of data quality was given priority.
The focus for the second day of the Abacus360 Conference centered around use cases based on components from the new, modular software platform. Alongside pilot clients, BearingPoint experts presented application scenarios, including a use case for ad-hoc reporting and the comparison of report positions by using Abacus360 and the Template Designer component.
At the parallel Regulators Conference, international representatives from regulators and central banks discussed the results of a recent survey conducted by the Central Banking Journal and BearingPoint on Big Data.
The 2017 Abacus Convention will be expanded to include a RegTech Summit. The RegTech Convention and Summit 2017 will take place at the Congress Center “Kap Europa” in Frankfurt, on 28-30 November 2017.