A conversation between Reuters Editor-at-Large Axel Threlfall and leading economist Mariana Mazzucato.
The rise of regtech and artificial intelligence: Exploring how technology and innovation are impacting the financial and non financial services industries
Regtech has begun to shape compliance. As financial services firms continue to face new challenges with the growing amount of regulatory constraints, firms are looking at new ways to meet regulatory requirements and reduce compliance costs with regtech technologies.
With over 90% of the world’s data created in the last two years, large amounts of unanalyzed data can place firms at higher risk for compliance breaches. Technologies that help manage regulatory developments, identify risks or events that could impact the business, are helping firms move beyond manual spreadsheets and documents to a more automated and auditable approach. In a recent survey by Thomson Reuters, respondents said regtech solutions were affecting how they managed compliance in their firms and almost a fifth reported they had already implemented one or more regtech solutions. The rise of regtech and analytics on unstructured textual data helps firms become more nimble and agile, and with advances in regulatory data analytics, big data can be examined in new ways. With the advent of more automated and cost effective means to help firms better meet their regulatory obligations and reporting requirements, regtech has the ability to help firms turn big data into actionable insight they can use; and with a large repository of unstructured financial content paired with the right automated technology solutions, firms can gain a competitive advantage.
This panel will discuss:
Gareth Evans - Managing Director, ERM at Thomson Reuters (Moderator)
Alastair Lukies CBE - Chairman at Innovate Finance
Nick Cook - Head of Department, Market Intelligence, Data & Analysis at FCA
Nirvana Farhadi - Global Head, Financial Services RegTech, Risk & Regulatory Compliance Affairs at Hitachi Data Systems
Breakout Session Option 1: How can you ensure your third parties aren’t putting you in the wrong spotlight?
Last year 27 companies paid $2.48 billion to resolve FCPA cases. It was the biggest enforcement year in FCPA history. At the beginning of this year a large automotive company entered the largest DPA to date with the SFO. Yet despite these enforcement actions recent research from Thomson Reuters found “62% of third party risk relationship decisions often overlook key risks.” In this session we will examine the hidden risks within supply chains and third party relationships and with the use of real life case studies highlight how you can prevent your organization being in the spotlight next.
Howard Presland - Head of Third Party Risk Proposition at Thomson Reuters (Moderator)
Alice Shone - Senior Programme Officer at Transparency International
Purvi Shah - Pipeline Integrity Manager at Debeers
Edward O'Callaghan - Partner at Clifford Chance
Breakout Session Option 2: How ready is your organization for the up-tick of AML regulation?
2017 started with a multinational Europe-based bank being fined in excess of £500 million by the UK FCA and US regulators combined for inadequate AML controls. The 4th EU MLD is enacted in just over a month’s time, the previous directive focused more on the traditional FI however the 4MLD brings with it new obligations for what could be termed more niche sectors. Most significant of all is the obligation to determine ultimate beneficial ownership of companies.
During 2016 there was an increased focus by the UK government on the use of real estate to launder ill gotten gains by corrupt regimes and organized crime. A 2016 report from Transparency International in association with Thomson Reuters revealed 36,342 London properties totalling 2.25 sq miles are held by offshore haven companies. .Over 75% of the properties under criminal investigation (since 2004)are using offshore corporate secrecy – so who are the beneficial owners? A question which regulators will expect answered
The Gaming industry is another sector which will be more under the gaze of regulators post the 4AMLD coming into effect. Is all the money going through their hands from legitimate sources? How can they ensure that they have effective controls in place to limit their exposure to risk? This session will examine the commonalities of the challenges faced by FIs and niche sectors, the best practice procedures to implement, what they can learn from each other, and how best to keep on the right side of the regulators.
Andrew Yuille - Head of Risk Business Solutions at Thomson Reuters (Moderator)
James Swenson - Global Head of Proposition - Risk Managed Services at Thomson Reuters
Christopher Robinson - Partner at Freshfields
Denis O'Connor - MLRO
Mike Rothwell - Managing Director at Caesars Entertainment EMEA
Breakout Session Option 3: Actively Managing Risk, Regulatory & Compliance Exposures in 2017 & Beyond
An in depth panel discussion focused on offering value adding insight and knowledge. Financial Institutions and Corporates face a never ending range of macro and micro risk and compliance exposures. Entities tasked with processing, profiling, vetting and confirming the eligibility and suitability of customers, clients, investors, suppliers, vendors, partners and owners gets more and more complex every day. How is the market addressing such complex obligations and exposures and what does best practice look like? What does the future of compliance look like beyond 2017? What new operational models, solutions and services are coming to the fore?
Steve Pulley - Managing Director, Risk Managed Services at Thomson Reuters (Moderator)
Susannah Hammond - Senior Regulatory Intelligence Expert at Thomson Reuters
Christian Hunt - Head of Compliance and Operational Risk at UBS
Wayne Johnson - CEO and Founder at Encompass
Colin Hall - Chief Data Officer at Credit Suisse
Inside the Olympus Scandal by Michael Woodford MBE: The first CEO in history to become a Whistleblower of his own corporation