Mark Taylor
Senior Editorial Manager
The world’s largest gathering of industry leaders and innovators had plenty to discuss at the Global Regtech Summit 2024 in London, not least the major moves made by CUBE in the weeks (and hours) leading up to the event.
An exciting new dawn is arriving for RegTech
CUBE’s acquisition of Thomson Reuters Regulatory Intelligence and Oden was announced on the morning of the event and soon set tongues wagging.
Regulatory Intelligence, formerly known as Complinet until Thomson Reuters bought the business in 2010, is a hugely respected and beloved industry publication.
The deal made headlines all over the RegTech world, and cemented CUBE’s position as the leader of Automated Regulatory Intelligence.
The combination of truly world class content and purpose-built AI promises to deliver regulatory transformation capabilities that could only have been imagined before.
A week on from CUBE’s deal to acquire Reg-Room, the bar is being raised for subject matter expertise, regulatory automation and content, and judging from the excited conversations and congratulations at our booth, everyone knows it.
The black box of AI is no longer a mystery
The future of regulatory compliance hinges on how effectively AI can fit into the process and improve everything along the way.
Much of the focus around AI is on what it can do, not so much the how. But that is changing.
CUBE’s Rob Usher presented to a packed hall on how CUBE’s industry-leading machine learning engines transform compliance operations in the way they deal with regulatory data and language.
RegPlatform analyses and monitors regulatory updates as live, mapping intelligence to the unique requirements of each business, automating the regulatory change process from end-to-end.
Any time an issuance is published by a regulator, watchdog or government anywhere in the world, in any language, at any time, CUBE ingests, cleans, adds context and insight, and updates relevant policies and controls to free up the valuable time of compliance officers.
These highly complex data management and lineage processes are what we’ve built the business on since 2011, transforming manual compliance operations and reducing risk.
If you weren’t present and want to hear more from Rob or the team about RegPlatform and what it can do, don’t hesitate to get in touch with us here.
Robust compliance strategies rely on effective data management
Compliance officers are worried about data management.
So much of our lives are given over to digital interactions, and as the workplace goes the same way, corralling all that data is a challenge.
Panellists at the Global RegTech summit were keen to offer their views on how firms can handle large and unwieldly datasets, and an incessant stream of regulatory updates.
Compliance experts Christine Drabble, UK Head of Compliance and MLRO at Transwap Group, and Lisa Walker, Head of Compliance, UK & Middle East at ING both clearly articulated how the increased demand and availability of data is providing opportunities for more effective compliance strategies.
This approach enables organisations to better identify risks, improve reporting accuracy, and make data-driven decisions. However, they added, it also necessitates the implementation of robust data management practices and measures to address privacy and data security concerns.
Automated solutions are increasingly the only answer to a world where the amount of data businesses generate and process cannot be supervised effectively by manual oversight alone.
Modern compliance strategies require effective data management as a foundation to ensure their business meets regulatory requirements and standards.
AI and automation are improving the way data can be collected, stored and retried, all of which are essential for compliance during audits and inspections.
Automated Regulatory Intelligence solutions are gaining traction amongst large financial institutions to ensure data integrity, quality, and security, and allow the organisation to track and document compliance-related activities systematically.
Attendees heard how automation is playing a critical role in enhancing data management for compliance by streamlining and standardising processes that are typically manual and prone to errors.
These advances are reducing the administrative burden on compliance officers and improving the speed and accuracy of compliance-related activities.
Additionally, automated solutions are increasingly able to integrate with various data sources, ensuring that all relevant information is aggregated and accessible for compliance audits and decision-making.
The future is bright for RegTech
With AI enjoying a breakout year, some of the most exciting conversations concerned the future of RegTech, where the industry and solutions are heading.
Regulatory expectations are not lowering.
On the contrary, penalties for non-compliance are spiking in number, and the broadening list of rules constantly issued widens the chances of a business slipping up.
Geopolitical uncertainty aside, what everyone can agree on is the financial cost of compliance and the burden it places on businesses is expected to rise.
The focus on efficiency gains and cost reduction has, however, made the future more exciting.
Emerging technologies such as cognitive computing, blockchain, and robotic processing offer truly transformative opportunities for compliance teams.
There is also a sense that regulators are keen to build environments that support the use of new tools safely, with the ultimate goal of strengthening the financial system in mind.
As compliance teams become more comfortable with AI, and what automation can do, difficulties in leveraging advances such as Automated Regulatory Intelligence in the most effective way are easing.
CUBE is, of course, always on hand to help.
To learn more about CUBE, RegPlatform, or Automated Regulatory Intelligence, don't hesitate to get in touch with us today.
