Driving Smarter Regulatory Reporting: A Closer Look at the FCA’s Project Innovate
Legislators and regulators are often accused of being behind the times, continually playing catch-up to match the rapid advances being made in technology. Recent actions from the European Central Bank (ECB) and the UK’s Financial Conduct Authority (FCA), however, show that they are attempting to lead and encourage initiatives and development in a number of leading-edge technologies through consultations and innovative steps.
A great example of this is Project Innovate, a collection of initiatives promulgated by the FCA intended to stimulate and encourage competition and best practices in the interests of consumers. Through initiatives like the Regulatory Sandbox and activities like TechSprints, Project Innovate is attempting to drive regulatory reporting into the future to make compliance more turnkey – and potentially less burdensome – for financial firms.
With the potential to reduce costs, improve efficiency and increase the accuracy and utility of regulatory reports, achieving smarter regulatory reporting holds great promise for the future. This white paper from EPAM Financial Services takes stock of the challenges standing between firms and smarter regulatory reporting, offering insight into what needs to happen to make automated regulatory implementation a reality.