Company insight
that is strong enough to enable their vision and overcome the limits of entangled legacy systems.”
“Banks’ increased appetite to rely on third parties for not only providing a state- of-the-art regulatory platform, but also to support the multi-jurisdictional reporting process, is another driver of consolidation,” Middleditch adds. Ultimately, RegTech firms must operate on a more global scale to meet the needs of banking clients – and they must deliver a platform built on cutting-edge cloud technology to reduce the burden of maintaining key infrastructure, helping them find new efficiencies to scale as businesses grow.
Technology takes over The cloud is the fundamental driver of digital transformation in the RegTech space. The regulatory boom is forcing financial services institutions to invest more resources than ever to keep up with compliance and RegTech solution providers must also make important upfront technological investments to handle more data across more locations, as well as to accommodate more regulatory requirements using cloud- based technology.
If not done correctly, regulatory reporting can be a source of potential penalties from the authorities.
of Regnology and Google Cloud together in a new purpose-built cloud dedicated to regulatory reporting requirements.” “We enable banks to remove the burden of maintaining key infrastructure,” she adds, “access a modernised regulatory reporting function and find new efficiencies to scale as businesses grow or adjust to changes leveraging the cloud’s elasticity.” Regnology is able to take such an innovative step because it is fully
“The newly launched Rcloud solution brings the best of Regnology and Google Cloud together in a new purpose-built cloud dedicated to regulatory reporting requirements.”
The partnership doesn’t stop at the technology frontier either – instead offering a range of regulatory and technology experts on both sides of the relationships. To be effective, in other words, vendors should make sure to maintain in-house expert resources with a keen understanding of regulations and their intricacies.
“Modernising the regulatory reporting function via the cloud removes the burden of maintaining key infrastructure, allowing banks to find new efficiencies and to scale as businesses grow and change,” Middleditch explains. “The newly launched Rcloud solution brings the best
Future Banking /
www.nsbanking.com
immersed in its mission to bring safety and stability to the financial markets. It has an exclusive focus on regulatory reporting, something reflected by its client base. With over 34,000 financial institutions, 50 regulators and tax authorities relying on its solutions, it is uniquely positioned to bring greater data quality, efficiency and cost savings to all market participants.
Rcloud, for its part, is able to boost regulatory efficiency by reducing a bank’s internal IT focus and time spent managing compliance infrastructure. It can also scale effortlessly without new hardware investments as the institution
grows, empowering teams across an organisation with self-service capabilities. That’s shadowed by an ability to adapt to new regulations with run-and-change management automation. “We are informed by perspective from both regulators and the regulated,” Middleditch says. “By allowing for greater collaboration among all stakeholders, we are enabling automation and streamlined workflows. When it comes to regulation, change is the only constant, so being flexible enough to evolve with industry evolution is key.” “We have an extremely flexible granular data model, so we can rapidly add new data points as financial organisations change and new products are released,” the executive continues. “For example, this model enabled us to smoothly adapt to the rise of ESG requirements. Often, the strengths of an industry can stagnate over time and morph into weaknesses, so we need to inject a bit of different thinking.” The pace of regulatory change must be matched by the pace of evolution in RegTech – and this is something banks will find very hard to achieve on their own. The value of a trusted and experienced third party has never been greater, and few have the diverse skills and specialist focus that Regnology can offer to keep banks on top of their in-trays. ●
www.regnology.net 35
Ground Picture/
Shutterstock.com
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