An introduction to RegTech and financial markets
Held on Tuesday, October 3, 2017
Oliver Burrows (Bank of England)
Mark Whitcroft (Illuminate Financial)
Jane Jee (Kompli-Global)
In 2014, the ever-prescient Andy Haldane had a dream: it involved “tracking the global flow of funds in close to real time (from a Star Trek chair, using a bank of monitors), in much the same way as happens with global weather systems and global internet traffic. Its centrepiece would be a global map of financial flows…”
Out of this, a mini-industry has sprung up, mining financial data in real time, offering regulators and compliance officers a range of new products that will (we hope) reduce both systemic and firm-specific risk and that will cut the cost of compliance – and the increasing burden of fines, which seem to be an inevitable corollary of regulatory complexity.
So, good news all round – we hope.
The BoE is deeply involved in RegTech development – and has, indeed, partnered with a number of UK providers to set up a FinTech Accelerator, designed to develop applications that make life easier for both regulators and regulated. These range from using AI to detect anomalies to new cyber-security protocols – and so on. One of the officials driving this at the Bank is Oliver Burrows – and we are delighted that he has agreed to talk about the potential for RegTech in regulation and data collection.
We are also delighted to have two other speakers, with rather different perspectives:
- Mark Whitcroft is a founding partner of Illuminate Financial, a FinTech-focused VC, which he set up in 2014. Among its investments is a holding in Privitar, a specialist in the “de-sensitising” of data so that researchers can have wider access. Privitar is one of the companies that has benefited from the Bank’s Accelerator.
- Jane Jee is the CEO at Kompli-Global, a RegTech firm that specialises in AI-based KYC/AML compliance. Jane is a qualified barrister and career payments specialist, who has held senior roles at Access, Worldpay and Mondex.
This is a difficult area – but an exciting one. If you (or a colleague) would like to learn more, and perhaps to share your own knowledge, please let us know as soon as possible by emailing firstname.lastname@example.org or by calling the Centre at 020 7621 1056. As usual, wine and sandwiches will be provided.