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RegTech London – Event summary

RegTech took place on 3 October 2019 in St Paul’s London. The event explored how the financial services industry can leverage technology to innovate, cut costs, and support regulatory change. St Paul’s saw a culmination of start-ups, technology providers, financial institutions, regulators, and practitioners for a day of networking, seminars, and collaboration.

It was great to see how many times Legal Entity Identifiers were mentioned at the event and all the positive reviews experts gave about their adoption.

Here are some highlights from the day when we collected the tweets for the main topics on the RegTech agenda.

[9:10 am] Opening Keynote: RegTech – a central bank view – Peter Thomas, Senior Manager, Data Innovation, Bank of England

  • Perspectives on RegTech in supervised firms
  • Development of SupTech in the Bank of England
  • Work going forward and ongoing industry engagement

[9:40 am] Thought Leader (User) Panel: Reviewing the regulatory horizon and optimizing the regulatory response

[10:20 am] Keynote: Understanding the importance of an integrated regulatory, data, and technology strategy – Bradley Foster, Global Head of Content (Enterprise), Bloomberg

[11:20 am] Panel: Managing regulatory change and driving efficiencies from the cost of compliance

  • Coping with increasing volumes and managing the consistency of rules across regulators
  • Horizon scanning and interpretation: developing a regulatory taxonomy with semantic accuracy and standardization of language
  • Funneling the right rules to the right people at the right time
  • How to contain compliance costs in relation to rising volumes of regulatory rule

[12:00 pm] RegTech Innovation Collaboration: Automating Regulatory Change – The Art of the Possible – Paul North, The New Initiatives Working Group, The RegTech Council

[12:20 pm] Keynote: The emerging challenges of compliant communications – Paul Liesching, Global Head of Financial Markets, Truphone 

  • New communication channels and emerging technologies are being used in trading
  • Under MiFID II and other similar regulations around the world, more data points need to be monitored, captured, recorded, and retained than ever before
  • At the same time, the consumerization of technology means that your users and customers want to adopt a myriad of communication technologies
  • How to close the compliance gap?

[1:50 pm] Keynote: Trade and transaction reporting challenges – security data challenges – Peter Moss, CEO, SmartStream RDU

  • Where are we with MiFIR/MiFID II?
  • The implications of Brexit – what should you expect?
  • What should you be doing to support SFTR?

[2:40 pm] Panel: Laying strong foundations for regulatory reporting through data management

  • Why a data-centric approach is required for consistency, sustainability, and efficiency
  • Managing the challenges of data silos and legacy processes/systems
  • Data sourcing; ensuring data quality, accuracy, and consistency
  • Ensuring data governance for internal engagement from data consumers and producers
  • Leveraging work from MiFID II & EMIR for SFTR & FRTB – are there similarities and synergies?

[3:00 pm] Digital Regulatory Reporting Update

[3:30 pm] Panel: Establishing trust – managing data privacy and cyber security in an AI world

  • Managing privacy data risk when engaging in data analytics
  • Ensuring data is secure and demonstrating this to regulators
  • Cross-border data privacy controls when using cloud-based technologies
  • Cyber security and AI
  • Scope of data sharing and machine learning

[4:35 pm] Afternoon Keynote: Using ML and AI to improve AML and Fraud – Soups Ranjan, Head of Financial Crime Risk, Revolut

Revolut is the fastest-growing challenger bank in Europe.   Soups Ranjan will share insight into how they are preventing financial crime on Revolut’s platform using data science and machine learning techniques.

Legal Entity Identifiers for RegTech

We heard a lot of speakers and panels discuss LEI adoption during this event and wanted to summarise some of the benefits.

  • Transparent trade reporting
  • Better data quality
  • Based on ISO international standard
  • Collected on an open-source database
  • Allows transparent entity verification and identification
  • Created by an independent body set up by the G20

Get your Legal Entity Identifier in minutes.