It was my pleasure to chair the Altus consulting “Regulation is eating the world” event on the 20th of February 2018 at Level 39 in Canary Wharf, London.
Much is written about RegTech’s impact on Banking and Financial Services.
It was nice to see some new faces from Altus’ customer base in the room. Companies such as Aviva, Direct Line Group, Esure, Experian, HSBC, Investec and more were in a room packed with 200 people.
Altus Consulting is a specialist provider of consultancy services to the Financial Services sector founded in 2005.
Altus used their experience of the investment domain to map business capabilities to specific regulations, then explored how regulatory change can be mapped into 5 phases (see above).
Here are some of my wrap-up comments from the day:
- The Financial Services industry is still suffering from regulatory change fatigue
- Technology can help, but is not a panacea
- Interpretation of regulation still relies on knowledgable SME’s
- The UK is a leader in RegTech, supported by an innovative regulator looking at model-driven machine executable regulatory reporting (MDMERR)
- Alongside machine-based regulatory supervision (such as Blockchain-based mortgage reporting), this leads to the question: will we be able to “inject rules into the system”?
This is the first in RegTech Associates’ focus on the buy-side of the industry. Sign up to the community to make sure you don’t miss the follow-ups.