‘In the room where it happened’ – RegTech NZ reflects on the FinTech Hui
It was an absolute pleasure to be part of the fantastic FinTech Hui to share our RegTech NZ journey and to promote this important area of growing technology innovation.
RegTech has similar goals to FinTech to automate processes, make consistent informed decisions, deliver streamlined customer service, but most importantly ensure compliance in a strategic way with access to enhanced reporting, analytics and audit capabilities.
To move forward on this journey we need to work together and our event gave our strategic partners EDT, Middleware, Mosaic and AWS along with AWS partners HNRY, Graphic Research Labs and Newton Russell the opportunity to share their experiences in our panel and roundtable discussion .Our journey and vision is nicely summarized in this short article by Phil Doak, Partner, Mosaic FSI
Acknowledging the current reality provided a starting point for considering the panel discussion’s theme “how to advance the use of Regtech to drive innovation”. We have several entities in New Zealand that are responsible for developing legislation and related regulations and/or enforcing them. We have differences in approach, from regulations that are quite prescriptive (for example in the area of supervision) to those that are based on principles and results (for example in the area of behaviour). And the industry has already faced a huge amount of regulatory change in recent years, incurring very significant implementation costs.
Clearly, there are opportunities to leverage technology to improve our approach to regulatory development and its associated implementation response: by increasing the level of collaboration (with greater participation from the voice of technology) between those who develop the law and those who must implement it, this applies both new legislation and identifying opportunities to optimize and improve the operational efficiency, effectiveness and adaptability of the regulations we already have in place; by developing a greater awareness across the sector of Regtech solutions more broadly and how they can help industry participants; and, from a regulated firm perspective, by leveraging the investments already made, or being made, to respond to regulatory requirements to drive technology-enabled process change and data enrichment that will help generate new insights and support innovative responses related to customers; the services they use and business processes more broadly.
Whether it is “Regtech” enabled by an intelligently sourced, efficiently implemented vendor solution, or it is existing technology thoughtfully leveraged to facilitate a smart, effective response to a regulatory challenge, technology (and data in particular) can and will play a critical role in supporting innovation and change from the perspective of the regulators, supervisors and the organizations under their supervision.
If you would like to be part of what we are building at RegTechNZ, please contact us via our linked page here, or our Fintech WG page here where you can keep up with what’s happening in RegTech and what events we have going on.
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