Fintech and regtech are fast becoming common currency with regulators and financial services firms alike. Our annual survey wants to hear your views on how technology is being utilized in compliance and risk.
Technology presents a bigger challenge for compliance and risk professionals than ever before.
Not only is there the revolution sweeping financial services in the shape of fintech, the compliance remit is broadening to cover cyber risks as well as the assessment of new technology to help manage regulatory risk.
There’s also an increasing number of information requests from regulators, driving more and more liaison with supervisory authorities.
The second Thomson Reuters Regulatory Intelligence survey on fintech, regtech and the role of compliance will attempt to uncover the challenges and opportunities posed by technological innovation.
The survey results and accompanying report will update firms on the developing global regulatory approach and allow you to benchmark your views and preparations against your peers, providing insight into the direction and progress in managing both fintech and regtech.
Last year’s survey received the views of more than 500 compliance and risk professionals. As with other Thomson Reuters special reports, the findings were valuable in helping regulated firms with planning, resourcing and direction.
In 2016, the survey showed how regtech is beginning to shape compliance.
More than half (52 percent) of respondents considered that regtech solutions were affecting how they managed compliance in their firms. Almost a fifth reported they had already implemented one or more regtech solutions.
Skill sets were also growing in response to these developments, with more than half (56 percent) within the risk and compliance functions broadening their skills to accommodate fintech and regtech innovation.
The budget allocated to regtech solutions was reported as varying widely. Almost a quarter lacked a budget for regtech but a third (35 percent) expected the budget for solutions to grow in 2016/17.
In this year’s survey, it will be interesting to find out if the risk and compliance functions have grown their use of fintech, regtech and insurtech? Additionally, what role does your board have in your firm’s approach to technology?
Watch video — Fintech, Regtech and the Role of Compliance A Regulatory Opportunity or Challenge
Susannah Hammond, co-author of last year’s report, said the current challenges varied from having the appropriate skill sets and resources to being asked by regulators why regtech has not been deployed to enhance compliance capability.
She added: “These challenges have arisen at the same time as compliance officers are reporting no let up in regulatory fatigue.”
All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available in Q4 2017. The survey will close on Friday 15 September 2017.