Grant Thornton UK LLP is delighted to be collaborating with the Financial Conduct Authority (FCA), the Bank of England and others on a market wide RegTech work-programme, working together to fulfil the vision of ‘frictionless regulation’.
The FCA and others this morning have launched a two week collaborative TechSprint, as an initial proof of concept. With a vision is to create ‘frictionless regulation’, based on “model driven, machine executable regulatory reporting” (MDMERR).
This would mean machines could themselves generate regulatory reports, pulling granular data from firms’ own systems. The sprint will be followed by a “call for co-creation” to the industry, technology providers, universities and others to help build on the findings from the work so far which will be placed in open source. The FCA will be looking to publish its findings following this sprint, as well as setting out its next steps.
Commenting on the collaboration Ian Smart, Partner, Grant Thornton UK LLP said:
“We are excited by the opportunity to collaborate with the FCA, Bank of England, Hitachi and others in this TechSprint.
“Realising the vision of frictionless regulation would have major benefits for firms, consumers and regulators, stripping out much of the costly duplication and inefficiency that currently exists. This is an important development for the financial services sector, and one that will help deliver greater quality and accuracy.
“As a firm, we have long advocated that collaborative efforts achieve better and more innovative outcomes and we looking forward to continuing work with those involved.”