Defining RegTech @ RegTech Summit US

On November 17, 2016, Stratis partner Brian Stoeckert hosted a breakfast briefing at the RegTech Summit US in New York City.  To kickoff the event, the objective was to set the table for the remainder of the one day conference exploring RegTech.  Initially, the focus was on choosing what to streamline and how innovation can deliver based on our industry and client experiences.  Explore a discussion on items such as:

  1. Processes common across institutions
  2. Processes involving few functional areas
  3. Focus on data computations
  4. Speed complex data queries
  5. Leverage computational power
  6. Harness innovation

That would eventually lead us to:

  1. Big data
  2. Machine learning
  3. Image recognition
  4. Dynamic algorithms
  5. Biometrics

However, rather than present from the stage in a passive manner, Brian maneuvered the session into exploring the perceptions of the diverse audience on the meaning of RegTech.  In essence, for more than an hour the audience immersed in a discussion on ‘What does RegTech mean to you?’  The following identifies the individual responses:

  • Automated processes
  • Compliance as an outcome
  • Network sharing
  • Transactional lifecycle
  • Data translation
  • Reporting
  • Cost effectiveness
  • ‘Tech to Reg’
  • Real-time information
  • Tactical execution
  • Enterprise risk management
  • Reliability
  • Big data
  • Sustainability
  • Bi-directional
  • Legal and jurisdictional challenges
  • User interface
  • Data governance
  • Legacy infrastructure/ecosystem
  • Operationalizing risk
  • Active data
  • Architecture taxonomy
  • Risk identification/classification
  • Language processing

FinTech carries numerous meanings and it is starting to evolve as an ecosystem.  RegTech is a relative newcomer on the scene as a term and meaning, yet based on the audience of industry personnel, we are still exploring the true meaning of RegTech.  Current ‘true’ solutions in the market are few, albeit just like in FinTech traditional solutions/companies/firms will attach the moniker to it for notoriety and relevance purposes, but one must look a little beyond the headline to determine whether it is truly innovative in its execution, not just the spirit.  Stay tuned for more as the RegTech market evolves…