Financial regulation has a long history. It has been BearingPoint RegTech’s business focus for 25 years. The financial crisis 10 years ago was a catalyst for the creation of new supervisory authorities and a steady stream of new regulations.
Now, 10 years after the crisis, 4 years since the establishment of the Single Supervisory Mechanism in Europe, and with Basel IV at the gates, many stakeholders are dissatisfied with the status quo. Financial institutions bemoan the high costs and short implementation times, and regulators are not satisfied with data quality and level of transparency.
At our anniversary event, we looked to the past and discussed with key players from regulators and financial institutions the lessons learned. Technology has evolved - what new opportunities can BIRD, AI, Blockchain, Model driven machine executable regulatory reporting (MDMERR) and the like bring to regulators and the industry? We also looked to the future and discussed viable solutions that could resolve the existing deficiencies and keep the burden for firms regulated at a reasonable level. What are the right measures to achieve an efficient, beneficial regulation?
Bringing international industry stakeholders together, the 25th RegTech Convention served as a platform for discourse on what should regulation in the future should look like and what innovative technology can contribute.