JWG, the independent think-tank specialising in global financial regulation, have been invited by the FCA to participate in their Autumn TechSprint. The 9-10 November event will bring together a group of firms and RegTech providers to develop collaborative solutions that unlock regulatory reporting efficiencies.
With ten years’ experience in the industry and their award-winning platform for managing regulatory change, it was a natural progression for JWG to support the FCA’s RegTech agenda. JWG previously held a roundtable discussion with the FCA to collect market views on RegTech and, last July, hosted their own RegTech Capital Markets Conference, which was attended by the FCA and 170 senior executives.
RegDelta, which is now supporting a dozen firms and regulators, is being provided to TechSprint participants, giving them access to a semantic rulebook that provides a ‘straight through process’ for automated, machine readable interpretation. JWG are loading the FCA handbook and reference guides onto the platform to help technologists codify the expert knowledge into ‘RoboRules’ that extract, manipulate and transmit data in a safe and practical manner. JWG analysis, Brexit: changing out the engine of finance, released in May this year showed that the UK is looking at a regulatory change programme that could cost as much as £17b over the next ten years. New RegTech capabilities have the potential therefore, to save billions in the short term.
PJ Di Giammarino, Founder and CEO of JWG Group, said: “Thousands of firms can win by deploying RegTech to meet the regulatory demands of 2017 to 18. We’ve proven RegDelta revolutionises the firms’ traditional compliance approach and are excited about the phenomenal reduction in overheads resulting from AI-assisted access to regulatory rulebooks. At long last, the industry can access a single version of the business truth!”
RegDelta, like the JWG think-tank, was founded on the principles of collaboration and we are delighted to see the FCA working with stakeholders to promote collaborative solutions. This is a welcome development for UK investment firms as JWG have proved that collaborative approaches lead to better solutions and reduce costs.