The FCA has published a new web page on model driven machine executable regulatory reporting.
The FCA and the Bank of England are exploring how they can use technology to link regulation, compliance procedures, firms’ policies and standards together with firms’ transactional applications and databases. If successful, this opens up the possibility of a model driven and machine readable regulatory environment that could transform and fundamentally change how the financial services industry understands, interprets and then reports regulatory information.
The web page also discusses TechSprint. 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. In November the FCA is planning a two week TechSprint and states that it will publish a summary of its findings in “Q4 2017”.
View Model driven machine executable regulatory reporting, 1 November 2017