Regulatory harmonisation through data standardisation
BY William Coen, Former Secretary General of the Basel Committee on Banking Supervision (BCBS) and Chief Regulatory Advisor at Suade AND Dr Maximilian Dyck, Financial Regulatory Expert at Suade. Published in June 2022.
Achieving regulatory harmonisation across industries and regions of the world would confer significant benefits for many different stakeholders, both private and official sector alike. Among the key benefits are cost savings and efficiency gains for organisations involved in cross-border transactions. Regulatory harmonisation would reduce duplication of testing processes for new products and services, as a certification regime in one jurisdiction would be valid in the chosen target market. Equally, organisations could save resources if their compliance programmes were applicable across borders. Despite the many benefits, achieving regulatory harmonisation continues to be a challenge.
Significant progress has, however, been made through international collaboration, including through the Basel Committee on Banking Supervision (BCBS) in the sphere of financial services regulation.
This article delivers insights into the power of data standardisation and how FIRE drives regulatory harmonisation.Download PDF
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