The aim of the event was to identify potential solutions to help improve the efficiency of regulatory reporting. Around 100 developers from across 30 organisations took part.
The ideas generated spanned the whole process of regulatory reporting, starting with converting the FCA Handbook into machine-readable text and using this to enable automated advice or personalised filtering that uncover which parts of the Handbook would apply to a particular type of firm. Other teams re-interpreted how regulatory reporting could be undertaken – moving from firms ‘pushing’ reports into the FCA, with the regulator storing all this data, to a possible scenario of the FCA ‘pulling’ the agreed data instantaneously from firms as required.
In March 2017, the FCA hosted a follow up event on unlocking regulatory reporting, which Suade also participated in.
Representatives from financial and professional services, RegTech firms and academics came to the event.
It began with a panel discussion on the future of RegTech, and how we can work together to overcome industry challenges. Representatives from the TechSprint teams then presented updates on their prototypes.
The FCA has used ideas from this event to help influence and inform our proof of concept work plan.
For additional coverage on the TechSprint by Finextra, click here.