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Innovation to Manage Risk & Compliance Across the APAC Region


Q&A with Taras Chaban, CEO, Sybenetix

We interviewed Taras Chaban ahead of his session at the RegTech Summit (London, September 2016). Take a look at his 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?

Collaboration between financial institutions, technology providers and regulators is a critical part of the development of the RegTech industry. Financial institutions need to map their regulatory risk and compliance needs to innovative solutions and business models and work with RegTech companies to validate business impact and scale faster.

There’s also an important role for advisors and industry influencers to help identify the areas where RegTech can make most impact on cost reduction and business value. For example, the International Institute of Finance has done a fantastic job in identifying the potential global impact of RegTech and the practical steps needed to bring the full benefits to financial institutions.

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

Regulators are taking proactive steps to encourage and test RegTech solutions. The FCA recently published its feedback on what’s needed to support RegTech, including its active role in bringing together the industry to work on shared challenges. The use of regulatory sandboxes is a practical step that regulators can take to accelerate the development of RegTech solutions. More regulators need to take these proactive steps and build connections to support a multi-jurisdiction approach. Greater harmonization of global data regulations, standards and reporting methods are key enablers to faster adoption of many RegTech solutions.

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

Structuring and utlising data more effectively is a key enabler to solving the most pressing regulator compliance challenges. For example, smart analytics that use new data required by regulation can be road-mapped with the timing and requirements of Market Abuse Regulation, MiFiDII and Senior Managers’ Regime.

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

Understand the complexity of organization and decision making process. Be crystal clear about your value proposition and business impact. Work creatively with firms to test your solutions and demonstrate value, integrate and scale quickly.

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?

Driving down cost regulatory compliance is a strategic priority for financial institutions at a board level. The adoption of RegTech starts with acceptance that continued use of legacy systems and operating models is not an option. Given the scale, complexity and cost of new regulatory compliance the use of RegTech is the only practicable solution. RegTech enables a new model of proactive compliance using data, insight and tools to add value to the business.

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

Its important to raise awareness of what RegTech is, the scope of problems being solved and how greater collaboration within the industry can accelerate adoption. What want to share our experience of the real impact RegTech is already making and learn how others are making a similar impact. We also aim to extend our connections with the industry to help support industry growth.