Unlike most industries, Financial Services has no governing body to set a collaborative RegTech agenda, curate common artefacts or stimulate the supply chain. Though many regulators and working groups tackle individual challenges, there is no place for them to meet to take that ownership of the RegTech agenda. To get to a safer financial system, we need a platform to facilitate dialogue between firms, regulators, technology companies and standards bodies.
The RegTech Council creates a strategic dialogue to focus practical regulatory reform implementation efforts:
Set the collaborative agenda for RegTech (i.e., how to align implementation efforts across regulations)
Curate the common artefacts (e.g., code base, data models, etc.)
Stimulate the supply chain to be ready when regulators need them to be and banks want to de-risk implementation programmes.
The committee to establish a RegTech Council
With a groundswell of support, JWG are launching a committee of individuals who work for regulators, financial institutions, academia, standards bodies, professional services firms and the technology supply chain. This independent body will examine the challenges in establishing a RegTech Council and recommend solutions in a number of areas.
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