RegTech Round-up Canadian RegTech Association

In today’s episode we are talking about the potential of reducing regulatory burden through the implementation of Machine-Readable Regulation. Machine Readable regulation is not a new concept but there has been renewed interest by the industry due to its potential to enhance compliance and risk
management and reduce regulatory burden.  In 2016 the Financial Conduct Authority in the UK hosted a Tech Sprint that looked at the whole process of regulatory reporting starting with converting the Handbook into machine-readable text and using this to enable automated advice or personalized filtering. In October 2022  FINRA in the US announced they are using the technology to make their rulebook easier to navigate by building a taxonomy and search tool called FIRST - to help all users (whether human or machine)  easily identify and search applicable rules… And as you will learn in this podcast – regulators from India are also exploring the use of machine readable regulation.

Joining me on the podcast today is Shailesh Dhuri, CEO and Founder, of Decimal  Point. Analytics. Decimal Point Analytics provides consulting and market research services and leverages data and artificial intelligence and machine learning  to assist clients with financial research, analysis, modelling, and risk management. Shailesh  is a highly sought-after leader and Innovator in the space of real life applications of artificial intelligent technology that are used in massive data, quantitative, statistical analysis, and algorithms.

 

In our latest podcast in the ESG Series, host Donna Bales speaks with Eugenie Casier GRC Director from Clausematch. In this episode they discuss the elements of a ESG strategy, the importance of a setting a purpose and using it as a foundation for your ESG Program.

Clausematch is a global regulatory technology software as service provider. The platform empowers companies to collaborate, create, manage and review different types of compliance documents, in real time, with a complete audit trail and live insights, advanced metadata, AI-powered mapping and tagging, intelligent suggestions and workflows, leading to more robust governance.

In this episode of RegTech Round-up, host Donna Bales speaks to Gerry Murtagh, co-founder of RegTick. In this episode they discuss best practices and key focus areas to address some of the organizational challenges of developing a successful ESG Program. Gerry shares several techniques that RegTick uses to reduce complexity - such as VMOST to structure a ESG program, Empathy Mapping to understand your stakeholders and an ESG Health Check to test the health of your ESG program.

Be sure to tune in to hear more!


Regtick is a visually intuitive, cloud-based, Programme Management platform which simplifies the management of complex regulatory and strategic transformation programs - enabling firms to reduce compliance risk, project cost and uncertainty.

The financial industry has undergone a significant transformation in recent years, with the accelerated shift to digitized services having a profound impact on the banking landscape. Not only has it changed the way financial institutions operate, but it has also affected anti-money laundering risks and financial crime prevention measures across the enterprise.

As a result, there has been a marked shift in focus from traditional risk management practices to enhanced business resilience. This new approach emphasizes the importance of preparing for and quickly adapting to potential disruptions to critical financial infrastructure and services. Early adopters of this approach are expected to gain a competitive advantage as they streamline critical services and help to strengthen the wider financial market infrastructure.

Regulators in the European Union have expanded the scope of the Digital Operational Resilience Act (DORA) to include obligations designed to ensure that financial institutions' business lines remain operationally resilient against various categories of risk. Similarly, in Canada, the Office of the Superintendent of Financial Institutions (OSFI) has issued updated Third-Party Risk Management (TPRM) guidance and plans to hold a public information session on operational risk and resilience in the first quarter of 2023, with a view to publishing draft revised guidance for consultation in Spring 2023.

In this episode Charlene Sebastian, Head of Client Success at MinervaAI talks with Denis Nwanshi, Founder of NetraScale, and the future of secure digital banking research initiative, NetraBank, to explore the intersection between operational resilience and financial crime prevention, with a particular emphasis on the role of next-generation technologies. These technologies can help protect critical financial infrastructure and services while enhancing capabilities for financial crime detection. The use of advanced technologies like artificial intelligence, machine learning, and blockchain can aid in detecting fraudulent activities and mitigating risks. Additionally, the integration of these technologies can help to enhance financial institutions' compliance with regulatory requirements and safeguard against potential threats to their reputation.

Denis is an accomplished executive specializing in delivering mission-critical digital platforms, data-driven products and automated infrastructure for highly regulated institutions. He founded NetraScale in 2014, providing high-impact cloud-native architectures and enterprise integration services to clients in the banking, insurance,  retail/commerce and public sectors. With practical knowledge of fintech, regtech, payments modernization, cyber security, operational resilience, and a wide range of next-generation technologies and data management strategies, he has expanded his business to build AI-enabled niche platforms centered on innovation, security and sustainable business value. Denis is a strong advocate for mentoring, design thinking, and agile-lean principles. In his spare time, he enjoys organizing interactive tech talks, panel discussions and hackathons.

In this episode of RegTech Round-up, Charlene Sebastian, Head of Client Success at
MinervaAI and strategic advisor to the Canadian RegTech Association (CRTA),
talks with Anthony Quinn, Founder and CEO of Arctic Intelligence, a
multi-award-winning RegTech firm specializing in software for enterprise-wide
audit, compliance, and risk management related to financial crime, about how
firms can dramatically simplify the EWRA by maximising their data and using
technology to automate the process; to reduce residual risk exposure and be
more strategic in the application of enterprise risk controls to improve
operational processes, remove bias and drive revenue. Anthony also highlights
key findings from the Arctic Intelligence 2022 AML Industry Benchmarking
report.

Money laundering and terrorism financing laws apply to millions of businesses, across 30+ industry sectors, and in over 200 Financial Action Task Force (FATF) member countries. And yet, there is no industry standard on how businesses should apply the risk-based approach (RBA) when developing Enterprise-wide money laundering and terrorism financing risk assessments.

In this episode of RegTech Round-up, Charlene Sebastian, Head of Client Success at MinervaAI and strategic advisor to the Canadian RegTech Association (CRTA), talks with Anthony Quinn, Founder and CEO of Arctic Intelligence, a multi-award-winning RegTech firm specializing in software for enterprise-wide audit, compliance, and risk management related to financial crime, about how firms can dramatically simplify the EWRA by maximising their data and using technology to automate the process; to reduce residual risk exposure and be more strategic in the application of enterprise risk controls to improve operational processes, remove bias and drive revenue. Anthony also highlights key findings from the Arctic Intelligence 2022 AML Industry Benchmarking report.

Many organisations struggle to identify and assess their risks and vulnerabilities to financial crime and as a result may not design, implement and maintain controls that are appropriate and proportionate to these risks.  More often than not enterprise-wide risk assessments (EWRAs) are conducted manually on spreadsheets, which are often not fit for purpose and take too long to complete, resulting in risks being presented to Boards that are more likely than not, out of date.