Last week I posted a blog on New Data Sources and Usage Requires New Data Governance where I referred to Forrester researcher, Henry Peyret’s work on researching the need for Data Governance 2.0. He points out the need for adopting a new data governance framework based upon the new types of data and uses driven by new systems of engagement, automation, and design. I expanded the discussion to include systems of sharing to address the phenomena of blockchain.
The industry vertical which is most impacted by the disruptive impact of new systems is the financial industry. The explosion of regulations which followed the global financial crisis of 2007-2008, the hack attacks that exposed the financial data of millions of people, the increasing concerns for privacy, and the disruptive competition from Fintech startups are driving the need for new data governance. Fortunately, there is a new wave of technology that is emerging to help financial organizations understand and manage their risks.
This new wave of technology is known as “RegTech”. The term 'RegTech' was coined in 2015 by the Financial Conduct Authority, which described it as “a sub-set of FinTech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities".
Regulatory changes are accelerating, as new technologies and business models are being developed in the Financial sector. These disruptions require the use of real-time information with the incorporation of algorithms and analytics. New approaches will be required for AML and KYC (Anti-Money Laundering and Know Your Customer) using social media and biometrics for due diligence, anti-fraud, and detection of suspicious activity.
Here is just a few of the companies who can be classified as RegTechs. An interesting new area for RegTechs are the regulations and risks around the legalization of cannabis by some state governments in the United States.
Find out how to manage your data governance journey through the intelligent use of RegTech, and how Hitachi can help your organization navigate the complex regulatory landscape by attending RegTech Adoption in Financial Services: Turn Regulation Into Opportunity on Tuesday September 19 at Hitachi’s NEXT2017 event in Las Vegas.
We are pleased to have Nirvana Farhadi Global Head, Financial Services RegTech, Risk and Regulatory Compliance Affairs Hitachi Data Systems, present this session. Nirvana is counted amongst the leading industry voices within regulatory reporting and RegTech. She brings her global experience of working across multiple Financial Services sectors, instruments, products, industry regulations and jurisdictions. Nirvana is also the founder and CEO of FFS-RegTech, which provides specialist advice in the RegTech space. As the former Head of Regulatory Reporting at KPMG, Nirvana has led the business, practice, and development for regulatory reporting at KPMG UK, and is a sought-after keynote speaker.
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