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Q&A with Diana Paredes, CEO, Suade



We interviewed Diana Paredes ahead of her session at the RegTech Summit (London, September 2016). Take a look at her view on RegTech and Regulatory Planning. Download the Agenda for the full programme.

1.What practical steps does the industry need to take, to ensure the RegTech sector continues to grow?

For Regtech to flourish, young incumbents need the support of the whole industry to make sure that they continue challenging the status quo in a productive manner and geared towards real innovation. Hence, more collaboration between the new players and the large institutions is key.

2. What role should the regulators be playing to promote the adoption of RegTech in the financial services industry?

Regulators need to keep abreast with the developments of the Regtech industry and support the removal of potential barriers to innovation that might have been put in place in the past by other incumbents. This of course does not mean that their role is any less significant from a supervisory perspective, but it is important that they understand what is possible with technological innovation and what is not.

3.What key pain points can most easily be solved by RegTech solutions?

Currently a lot of the process is done manually or with piecemeal solutions, better Regtech means more automation which is also efficient at reducing not just cost/time but also errors.

4.How can RegTech solution providers improve the way they engage and interact with financial services firms?

I think that Regtechs need to be responsible for telling the story right, they need to know inside out what their tech is solving.

5.How much of an imperative is there for Heads of Compliance / Regulatory Reporting to be looking into RegTech at the moment? Is it a given that firms will increasingly adopt RegTech solutions, or is there still work to be done?

I think Regtech will become a key component of a bank’s strategy to deal long term with the new regulatory environment we are in, Regtech needs to be embraced!

6.Why will you be joining the RegTech Summit, and what do you hope to get out of the event?

I think it is great that there is positive focus on this market and keen to support initiatives that help the sector to grow.