The inaugural RegTech Data Summit’s thesis was that regulatory rules, technology, and data must be modernized in a coordinated fashion. If all three areas are modernized in tandem, new RegTech solutions will flourish, reducing reporting duplication, minimizing reporting errors, and enabling automation.
Over 400 participants, 37 speakers, three live technology demos, and over 20 exhibitors agreed: we were right.
Throughout the day, we looked at the state of regulatory reporting regimes, solutions that exist, and what could be improved by modernization – “What is?” and “What if ?”
Here are my top 10 moments:
Let’s dive into each of these movements!
From left to right: Yolanda Scott Weston, a principal at Booz Allen Hamilton and Michael Piwowar, Commissioner, SEC
SEC Commissioner Michael Piwowar kicked off the RegTech Data Summit. The Commissioner outlined his definition of RegTech:
“[C]overs the use of technology by regulators to fulfil their duties in a more thorough and efficient manner…. RegTech also refers to the use of technology by regulated entities to streamline their compliance efforts and reduce legal and regulatory costs. Most importantly, the term covers collaboration between private and public actors to take advantage of existing technologies to make everyone’s lives easier.”
From left to right: Leslie Seidman, Former Chair, Financial Accounting Standards Board and Giancarlo Pellizzari, Head, Banking Supervision Data Division, European Central Bank
“[S]how [corporations] the extent of manual effort compared to an automated process using XBRL data–that alone by combing the processes… you will clearly be saving money because you would have one group who is responsible for preparing and issuing those financial report… Talk candidly and influentially about these potential risks and costs that exist now, and how the iXBRL solution will actually reduce their risk and cost.”
“It is possible for a team of enterpurers to very meaningfully impact government… I don’t think these things get fixed by insiders. It’s just not how the world ever works. It is always outsiders partnering with allies in the inside and figuring out how to adopt technology that’s going to upgrade all these processes.”
9. Looking ahead: What does the future look like for RegTech?
From left to right: Steven Balla, GMU, Jim Harper, Competitive Enterprise Institute (former), and Sarah Joy Hays, Data Coalition
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