“The word ‘digitalization’ has been used throughout the regulatory landscape for the last five years. Yet, we are still navigating in a deep blue sea of opportunities and latent innovation since the natural speed of digital innovation fundamentally challenges contemporary regulation frameworks.
Co-Labs has a clear vision of how to approach and help orchestrate a new era of regulatory connectivity. The future is an ecosystem where cooperation is the cornerstone. Co-Labs is in the right position to fill this gap since they hold a transformative mindset with a deep foot into the conceptual realm of this complex system, combined with a fresh approach that is pragmatic by nature. This is because the core team has been involved in implementing meaningful and critical regulatory projects in tier one banks over the last 20+ years.”
“I fully support the approach that we need collaboration – and standardisation – to really accelerate RegTech adoption. This is at the heart of what Muinmos has been doing for years – creating a standard legal language for multiple jurisdictions, in order to fight regulatory disparity. I believe we need to collaborate in order to consolidate data, identity and regulation, in a manner that will end regulatory arbitrage, bolster client protection and customer experience. This in turn will increase RegTech adoption across the financial system. It will be a win-win across the board.”
“Vermeg have been a trusted provider of global Fintech and RegTech solutions for over three decades, recognising and responding to the growing regulatory challenges that the financial services industry faces. This is especially true of regulatory reporting, an area that we have taken the opportunities to collaborate with Regulators and the industry. Most notably for us this started with the TechSprints and DRR (Digital Regulatory Reporting) initiative by the Financial Conduct Authority (FCA) and Bank of England (BoE) which provided, at the time, a unique opportunity to think differently about both reporting and collaboration, kickstarting the idea that Regulators, Firms and Vendors can work together for the greater good of what is ultimately, improved financial stability and reduced regulatory burden.
Whilst the FCA and BoE TechSprints were a world first, we believe that Change Gap are in the right place to build on this important work, and we are excited to be part of the movement to continue to help Change Gap and the industry join the dots, drive collaboration, and through this, achieve innovation.”
“The Bank believes in the need to transform how regulatory reporting works. As we set out in our 2021 Transformation Plan, we know that collaborative initiatives will be crucial to deliver that transformation: both those run by the Bank and FCA, such as our joint transformation programme, and private sector initiatives with similar goals like Co-Labs.”
“The Bank believes in the need to transform how regulatory reporting works. As we set out in our 2021 Transformation Plan, we know that collaborative initiatives will be crucial to deliver that transformation: both those run by the Bank and FCA, such as our joint transformation programme, and private sector initiatives with similar goals like Co-Labs.”
“Regulation and Technology are essential drivers to tackle poverty, boost growth and achieve sustainable development. Collaboration holds the keys to a more innovative, RegTech-driven future and this extends beyond government and the private sector, to establish and enable trust.”
“The gap between people and technology can be a challenge for some companies, especially those that may not have the necessary resources or expertise to fully understand and implement new regulatory technologies.
This is where collaboration can play a crucial role by providing support and guidance to businesses as they navigate the transition to digital regulation. By collaborating we are able to assist companies that are struggling to keep up with technological changes, together we can not only provide valuable services, but also gain a deeper understanding of the challenges and needs of businesses in their industry.”
“What is clear, is that siloed, linear and reactive approaches aren’t tackling conduct risk issues fast enough. Take, for example, the proliferation of market manipulation scams perpetrated over social media platforms. In a tactic far bolder and more agile, some regulators are joining online chat rooms and disrupting fraud scams head-on. Regulators see the benefits of forging stronger public / private partnerships – for example, with social media platforms – as a means of proactively predicting and preventing misconduct.”
“Co-creation of value and ultimately trust is key for the future collaborative regulatory ecosystem given the unprecedented growth in both the volume and complexity of regulations.
I see the Co-Labs by ChangeGap as a great initiative augmenting the collaboration efforts by standards bodies such as ISO, XBRL International and communities like Eurofiling. To date adoption of open standards such as ISO 5116 (Data Point Model), ISO 20022, XBRL, ISO 6166 (ISIN) or ISO 17442 (Legal Entity Identifier) is a great achievement in this space.
However innovative collaboration among all stakeholders is needed to bridge the existing and future gaps in the RegTech and SupTech environment and unlock new levels of trust for a digital economy.
We are looking forward to working with ChangeGap in the Co-Labs to create more automated and efficient RegTech ecosystem.”
“While there has been much talk about the need for collaboration to move the RegTech industry forward, Change Gap, in creating Co-Labs, is taking affirmative action to bring interested parties together and unlock the potential of technology to improve the whole ecosystem.
Co-Labs will drive the definition and adoption of much needed standards and best practice strong platform for growth is created and appropriate areas of competition are enhanced to the benefit of all parties within the system. Financial crime prevention in particular can be vastly improved by better collaborative efforts to face off against the ever increasing sophisticated methods, and technology exploitation, of criminals and fraudsters.”
“The Financial Services sector comes with many challenges, in this context the word challenge can mean different things to different firms, sectors and industries, but in our industry the challenges are even more complex due to the rapid technological advancements, and speed of change the industry is facing.
Couple that with the uncertainty which has been bought on by the recent global events of the past few years-the global pandemic, political and economic uncertainties to name but a few, and multiply that by toxic work environments, unempathetic leadership, legacy systems, gaps in processes, pressured timelines, stressful situations caused by failed implementations and relentless regulatory changes, then you end up with an absolute debacle on your hands.
You cannot just revert to the status quo of pre-pandemic times to solve these issues, or do things the way we have always done it.
We need identify new ways and means to solve for these challenges, that’s why I believe that the Co-labs initiative by Change Gap, is a brilliant way to connect our industry and to help facilitate a collaborative approach to identify the gaps and to bring about true cultural change.”
“I believe we can see gaps because of compartmentalisation where individuals and forms are trained to focus on race and not an individual, sex and not gender, disabled and not ability, alignment and not skills, and climate and not the quality of life. It is time to break the rules.”
“Unlike other technology propositions in the financial vertical, regtech does not need to be an arms-race between institutions seeking to gain an edge over the competition. Regulatory compliance enables more certainty in the operating environment for everyone. As such, it is logical to create an ecosystem which, with co-sponsorship from industry and regulators, can resolve issues at both the national and cross-border levels. These new co-labs are the best first step to creating a solid foundation for technological intervention in the regulatory space.”
“Very excited about this new Co-Labs initiative driven by Change Gap. There is a real industry need for more collaboration and consultation to support RegTech vendors, FS firms and Regulators come together to meet the challenges when matching Regulatory journeys to the correct Tech solutions. “
“I support the Co-Labs approach that Change Gap are now making available. It is most important to break the current mould, where localised solutions are re-invented from one institution to the next. By collaborating centrally, systemically and continuously we can work together to speed up and de-duplicate the actualisation of compliance powered by regulatory technology.”
“Collaboration is key for 2023 none more so than here in New Zealand. Regulation affects regulated entities of all sizes, but the playing field is inequitable between those that can afford big IT programmes and those that cannot. The RegTech NZ forum facilitates collaboration between entities, vendors and regulators to help solve compliance problems and is enthusiastic about working with the CoLab to share, learn and grow our communities.
The opportunity to be part of the Colab is something I have been looking forward to doing. New Zealand is a smaller market in the regulatory space, but experiences the same challenges as the rest of the world. Innovation is key to disrupting the status quo of doing things the same way expecting a different outcome. However, great ideas and innovations can get lost on their own, but can be powerful when part of a team. This is what working collaboratively can do.
However, great ideas and innovations can get lost on their own, but can be powerful when part of a team. Being part of the Colab enables us to lift each other up to meet the challenges. Working to a common goal will ensure that we get there.”
“I firmly believe that relationships and effective collaboration are the key foundation for implementing regtech, which is essential towards striking the balance between the who, what, when and how of regulation. I support the Co-Labs venture as it comes at a much needed time, where their work will aid in the amelioration of the ambiguity that comes with regulating emerging technologies is essential.”