Regulatory Genome Project - Cambridge Judge Business School - Cambridge University’s Post

Reg Tech - What's next? Quick update on CRG. Transforming Regulatory Compliance: The Surge in RegTech Investment and the Role of the CRG Cambridge Judge Business School Cambridge Centre for Alternative Finance, Cambridge Judge Business School Regulatory Genome Project - Cambridge Judge Business School - Cambridge University #RiskTech #Fintech #financialtechnology #wealthmanagement #FinancialServices #SupTech #OperationalRiskManagement #GlobalRegulations #GFIN #FSMB #TechFin #RegTech #FinancialServicesAI #ML #RiskControls #RegulatoryHorizons #RegulatorySupervision #GreenFinTech #SuitabilityFintech #SupTech #financial #supervision #RoboAdvice #DigitalAdvice #SupTech #DigitalEthics 

Can you guess who made the list? Corlytics has some super regulator clients - indeed one of our solutions is specifically for regulators. The solution is used to create intelligent handbooks, mapping the regulator’s taxonomy to its regulatory content 👉https://lnkd.in/esRU_tBN 💥This case study is about how Corlytics has helped the Financial Conduct Authority https://lnkd.in/eMne_QtD If you'd like to know more or see a demo, contact us at https://lnkd.in/dk_uW9w or email us at insights@corlytics.com #regulators #regulatory #top10 https://lnkd.in/eanaAZ5i

Corlytics simplifies the implementation of regulation - clients include ING, BNY Mellon, Scotiabank and Swiss Re. Just as well as looking at SteelEye's recent survey report firms are expecting no slowdown in their regulatory environment. Plus, firms find dealing with the regulators has become much more challenging. 🔑62% of firms expect the volume of fines to increase 🔑69% predict the value of fines to rise in response to regulatory fines for record keeping breaches 🔑37% the main factor driving up these compliance costs is keeping up with ever-changing regulations / More regulation to comply with 🔑49% of respondents believe that technological advancements will play a crucial role in enabling financial firms to meet stricter regulations 👀If you would like to know how Corlytics is working with regulatory compliance teams helping them to better manage their regulatory burden, untangling the red tape and providing horizon scanning and automated workflows then please email 📩insights@corlytics.com for more information and a demo. For full report 👉🏼https://lnkd.in/e6ib7FGb #regtech #compliance #regulatorycompliance

A recent survey of 500 #banks across #US & #UK, conducted by AutoRek, shows that most firms feel poorly equipped to deal with #regulatorychange: "For seven in 10 banking organisations, current financial control processes lack the flexibility to accommodate regulatory changes." The same survey highlights that the same percentage of firms feel they are too reliant on #spreadsheets. Over the last months we ran a survey across 50 firms to understand how they deal with the pains of regulatory change. Our work produced strikingly similar results to the survey of AutoRek: 📝 87% of firms rely wholly on spreadsheets for tracking and analysing regulatory changes. ⚠ 100% of firms foresee a significant organisational impact from regulatory change over the next 12 months. I've always been an avid spreadsheet user...but it's definitely time to level up. There are other ways of dealing with regulatory change....👨💻 🚀

Innovation, payments, and digital assets - Regulation will (re)shape markets and digital transformation strategies across the #FinancialServices industry Read our annual Regulatory Outlook to find out more: https://deloi.tt/2FA3jsS

I had a great strategy session with Acin in #London yesterday. They are a fascinating solution addressing #GRC #RegTech for #InternalControl. Big banks are often addressing as many as 20,000 obligations #regulations. This can result in as much as 60 million control combinations. The typical cost of a single control is 5,000 GBP per annum. About 50% of controls in financial services (and I would say other industries) are redundant. That is significant inefficiency and ineffectiveness. A lot of focus in RegTech has been on the regulatory change lifecycle from horizon scanning, to the current regulatory change and red-lining, to then the process of keeping policies updated/current. But it is the internal control aspect that needs to be addressed next. Think about it. I can be completely knowledgable about the law/regulation. I can answer every question about the regulatory change and know it inside and out. But if that internal control was not updated in that process . . . GUESS WHAT, you are not compliant. The internal control focus on Acin is providing that last mile of regtech that is essential. And they are doing so much more in addressing internal contorl benchmarking and risk assurance.

The European Banking Authority (EBA) public hearing, and thus the conversation in reliance to the MiCAR Prudential Package was sorted into 2 parts: Part 1: Consultation Papers on own funds, stress testing and recovery plans, and Part 2: Consultation Papers on liquidity and reserve assets   What is the Prudential Package? • The package contains a number of ‘prudential’ technical standards that are essential in mitigating some of the identified key risks.   We are going to delve into the first part and see the key points of the hearing. The discussed 3 papers are the following:   • RTS to specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and of e-money tokens – Article 35(6) MiCAR Key points: 1, When the issuer of an asset referenced token adjusts to higher own funds requirements if it is deemed to have a higher degree of risk, - The competent authority has to apply all the criteria specified in this RTS - The CA shall use all relevant historical and current information available 2, The evaluation should be on a case-by-case basis 3, In case of a higher degree of risk with material impact - Issuer shall increase own funds within 3 months (or shorter if decided by the competent authority) 4, Higher degree of risk without material impact - Issuer shall increase of own funds within 1 year   • RTS on the procedure and timeframe to adjust own funds requirements for ‘significant’ issuers – Article 45(7)(c) MiCAR Key points: 1, Issuers of significant asset-referenced tokens need to have min. 3% of the average amount of the reserve of assets. (instead of 2) 2, Timeframe is a maximum of 3 months (from the moment of classification) 3, Implementation of plan will be closely monitored by the competent authority   • GL on recovery plans – Article 46(6) MiCAR Key points of the recovery plan: 1, Summary of the key elements 2, Highlighting the changes - Information on governance 3, Detailed governance process - Recovery options 4, Minimum two recovery options (one to strengthen the capital position, one to improve the liquidity position) - Communication and disclosure plan 5, External/internal communication   Our post on the second half of the public hearing on the prudential package is coming up next, so do not miss out and follow our #micaseries which aims to bring your attention and inform you about the happenings around MiCA and other related rules! #micaseries #mica #micar #cryptoregulation #techlaw

💡 Interesting overview of the top regulatory challenges in the financial sector, all addressed in our upcoming events! 🔶 #DORA (Digital Operational Resilience Act): This regulation expands existing #outsourcingregulations, covering a broader scope, including #softwareproviders. It requires scrutiny of software providers, guarantees, quality monitoring, and #security considerations, posing challenges, especially for smaller players unaccustomed to such regulation. ➡ Stay tuned for our upcoming webinar on DORA; more info will be available soon! 🔶 #PSD3 #PSR Update: While not revolutionary, the update focuses on enhancing mandatory access to accounts for #thirdpartyproviders. Implementation is expected within the next 18 to 24 months. ➡ Join us on 21/11 for the Regulatory Update on PSD3/PSR https://lnkd.in/e6-qqBPf #FIDA, Financial Industry Data Access: Similar to #PSD2 and PSD3, Fida mandates #datasharing among non-bank financial institutions. Companies like #insurance firms must allow clients to share #data with other institutions. However, challenges arise for companies with outdated systems, prompting a need for enhancements and system redesign. ➡ Join us on 19/11 for the conference: From Open Banking to Open Finance: FIDA https://lnkd.in/dcDvbSMm These regulatory shifts will affect #compliance and reshape the operational landscape of financial institutions, demanding proactive adaptation and modernization. Stay informed and prepared for the evolving regulatory environment! #RegulatoryCompliance #FinancialServices #DigitalTransformation #Payments #Innovation #Digitalisation https://lnkd.in/eWYiCqfY

🔍 New Joint Guidelines From European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) Boosting Trust for #CASPs and #ARTs issuers 🔍 The latest Guidelines aim to enhance trust in the financial system by ensuring robust #management and #governance within issuers of ARTs and CASPs. These guidelines: 📍Establish criteria to assess the #knowledge, #skills, and #integrity of #management bodies, fostering a healthy #crypto-asset ecosystem. 📍Provide a methodology for assessing the #suitability of #shareholders and members with significant influence, ensuring sound management and regulatory compliance. #MiCA #Compliance #FinTech #CryptoAssets #Governance ECOVIS ProventusLaw

Join Alex Oxford at ACAMS The Assembly in #HongKong (22 - 23 April 2024) as he speaks on the topic "Unfolding a RegTech Roadmap". RegTech deployment remains a top priority for Hong Kong and APAC-domiciled banks and insurers as firms look to augment current workflows and save resource with innovative technologies. As collaboration continues to be the financial crime theme of 2024, the ACAMS conference is a great opportunity to network with fellow financial crime practitioners and vendors to collaborate and find ways to solve market-wide challenges. #RegTech #SupTech #Technologies #AML #Banking #Insurers #Compliance