Last week, key industry figures attended the RegTech Capital Markets Conference to discuss the current state and future of RegTech within the financial services industry.

Encompass’ own Mike Kearney was in attendance, and published his key takeaways on our blog last week. Now, event organiser JWG has followed suit, and, in agreement with Mike, found that the standardisation of data was a dominant theme at the conference for the advancement of RegTech within the industry.

This issue has come up repeatedly in recent years as a stumbling block, but what made it stand out this time was the candidness with which it was addressed. With the conference being conducted under Chatham House Rules, it became clear that now is the time for the financial services industry to take ownership of the issue, and drive the required changes.

Furthermore, it became clear in the discussion that internal governance was key. Too often it was felt that staff and departments played lip service to the idea but are not always found to be following it up with a consistent approach to data management. It is now on companies themselves to take a zero-tolerance line to insure solid data architecture.

Read the full article below:

RegTech data standards - the industry needs to take the lead!

Data standards was one of several key themes at the JWG RegTech Capital Markets Conference on 5 July 2016. Conversations about regulatory data standards centre on the need for alignment of data obligations and standards, data protection issues, infrastructure legacy issues and the acquisition and ownership of clean, valid and robust data that can be easily recalled and remain flexible for future regulatory change.

about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

want to turn regulatory compliance
in to a competitive advantage?

Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.

By continuing to use the site, you agree to the use of cookies. more information

our website and use of cookies

Your personal information will not be collected if you are only browsing one of our websites but we do use cookies to better tailor our information and our services to meet your needs.

A cookie is a small piece of text that is placed within the memory of a computer and can be later retrieved by web page servers. Cookies are used to enhance your interaction and convenience in using our website and we do not use cookies to record any of your personal information. Cookies may record information about your visit, including the type of browser and operating system you use, the previous site you visited, your server's IP address, the pages you access and the information downloaded by you.

While this anonymous statistical data may be aggregated and used in broader statistical analysis by us and our web monitoring service provider to improve our services, we cannot personally identify you as the source of that data until such point as you provide your personal information to us.