In January 2020, the Bank of England published a discussion paper to encourage potential solutions to make data collection significantly more efficient for firms while at the same time improving the BoE’s ability to use what they do collect more effectively. In summary, they committed themselves to the development of a “world-class regtech and data strategy”. They have also appreciated the need for this to be “an inclusive exercise, which looks across the full range of firms and collections”.
This paper (along with the FCA’s initiative) supports Suade’s mission to bring regulation into the digital age through harmonisation and standardisation of data. Reformation of traditional regulatory reporting processes and systems is vital to achieve this, and the following points are the key areas in which the regulators are looking to make digital supervision a reality:
1) Standardised data inputs
2) Modernise reporting instructions
3) Update architecture and governance
You can read the full paper discussion from the Bank of England here
“This is a new frontier of regulatory efficiency and effectiveness.” – Mark Carney
During the Bank of England Governor’s Mansion House speech, Mark Carney, addressed the benefits of new technologies in the regulatory space. New technologies like Suade have already reduced the costs of analysis, storage and regulatory submissions. He stated that “this is a new frontier of regulatory efficiency and effectiveness”. These are exactly the foundations and vision that Suade is built upon! Read the full speech here.