Lombard Risk joins the Financial Conduct Authority and the Bank of England TechSprint on Model Driven Machine Readable Regulation
20th November 2017
London – 20 November 2017 – Lombard Risk Management plc (LSE: LRM), the leading dedicated global provider of integrated regulatory reporting and collateral management solutions, is pleased to announce that commencing today it is participating in the Financial Conduct Authority (FCA) and Bank of England (BoE) two week TechSprint to explore the potential for model-driven machine readable regulation. The TechSprint is the first stage of a programme of work designed to bring start-ups, regulated firms, technology providers and academics together to discuss and design technological solutions to this challenge.
Lombard Risk, together with the FCA and BoE are exploring how technology can be used to link regulation, firms’ policies and standards together with financial institutions’ transactional databases.
This would open up the possibility of a model-driven and machine readable regulatory environment that could transform and change the speed with which the financial services industry understands, interprets and then reports regulatory information.
Firms would be able to map their regulatory requirements directly to the data that they hold, creating the potential for automated, straight-through-processing of regulatory returns.
This would benefit both firms and regulators, by improving the accuracy of data submissions and simplifying and accelerating the implementation of regulatory changes.