Silicon Republic defined RegTech as the “marriage of new technology and regulation” and is referred to as the “key to facilitating the delivery of regulatory requirements.”
As an example, the Markets in Financial Instruments repealing Directive (MiFID II) in 2018 will add more requirements tied to technologies and the relationships between service providers and users than ever before. Therefore, it’s important to stay on top of the RegTech trends and new solutions being offered by companies and startups as well as meet with others within your industry to brainstorm the best practices approaches for RegTech that can be used going forward.
According to a 2016 BBVA Research report on the digital economy, “For financial institutions, addressing those regulatory requirements is highly burdensome, complex and costly. According to The Institute of International Finance (IIF), compliance can cost a financial institution over $1 Billion every year. McKinsey found that regulatory fines and settlements in 20 large US and EU universal banks increased by 45x in the 2010-2014 period. And an estimate for financial institutions is now around 10-15% of total workforce dedicated to governance, risk management and compliance. The main issues for financial institutions are compliance costs, reliance on manual processes in data management and traditional issues related to the quality of data, such as accuracy, lack of common definitions or different formats.”
In response, RegTech companies are focusing on a wide range of areas, tools, platforms and solutions to address compliance requirements and more. The same research report noted that these areas include ‘big data’ applications and techniques, data mining and advanced analytics tools, visualization tools, biometrics and social media analysis, real-time and system embedded compliance/risk evaluation tools, software integration tools, predictive coding, and open platforms and networks. The demand, ongoing challenges, and overwhelming interest in Regtech has led to an increase in the number of Regtech Conferences that are being developed with even more planned in 2017.
We've updated the list: RegTech events in 2018.
If you are seeking out the best information and contacts within Regtech consider attending these top 10 RegTech Conferences in 2017:
- Finance Disrupted: This conference is sponsored by The Economist and will be held in London on January 25, 2017. Its focus is on fintech disruption combined with the numerous issues related to RegTech that can either help or hinder the development of startups in this area all over the world. While it is being held in London, the themes and issues are relevant to finance and tech professionals from everywhere, including the numerous regulatory challenges and potential solutions that will be discussed during the one-day event. Eileen Burbridge, HM Treasury Special Envoy for the UK Government as well as banking leaders like Claire Calmejane of Lloyds Banking Group and Jeremy Wilson of Barclays will be speaking on topics like the value of big data and blockchain.
- Leaders and Experts Forum: Hosted by SIFMA and the Bates Group, this conference is a forum style event focused on regulatory initiatives related to financial services firm and how to navigate all the compliance issues in the data-driven age. While it’s only a half-day event in New York on January 26, 2017, it’s packed full of information and attended by a wide range of professionals that are involved or impacted by RegTech. The event includes topics like regulatory investigations and enforcement as well as how to respond to regulatory inquiries as well as speakers like Allison Patton of Morgan Stanley and Robert McCarthy of Wells Fargo Advisors.
- Future of Finance: This RegTech event will also take place in London from February 14-16, 2017 at the Novotel London West Hotel. There will be over 50 speakers, three streams, and an invite-only CFO Boardroom that will cover all aspects of finance, including RegTech, strategic issues, and operational needs. Speakers include Antony Belletti of Nokia, Caroline Stockman of the British Council, Helena Potter of Zurich Insurance, and Yasser Saifi of UBS. Topics include what the future of finance looks like, how to enable modern finance, and rise of the robot worker.
- RegTech Capital Markets Conference: To be held February 28, 2017, this UK RegTech conference is a larger version of its 2016 predecessor due to the increased interest in this area. The Grange City Hotel in London will host the RegTech Conference and offer information and access to industry and regulatory experts who will share their insights and experience through panel and roundtable discussions as well as case studies. Speakers include Peter Lancos of HSBC Bank PLC, Stephane Malrait of ING Bank, and Chad Giussani of Standard Chartered Bank who will discuss topics like the state of RegTech, how to get synergy from regulatory reporting, and the challenges of funding RegTech.
- RegTech Live: This London-based conference will be held in March 2017. It’s a real-time, interactive day full of activities geared toward interaction and participation. The conference has its own app where participants will be able to ask the speakers direct questions in real-time as well as vote on polls and participate in many other activities. Speakers include numerous financial institution experts like Rob Cutler of KPMG, Jan Hagen of the RFS Group, and Jeremy Round of the Royal Bank of Scotland. Topics includes defining the value proposition, the obstacles to embedding a RegTech solution, and what RegTech is delivering today and in the future.
- RegTech Summit APAC: In 2017, this conference will be held on March 22, 2017 in Hong Kong. This RegTech conference is a place to come together in a workshop format and look at how governments across the APSC region are supporting the development of RegTech and how companies can address their compliance obligations while remaining on budget and focused on their core business. Speakers include Robin Lee of Datarama, Jeremiah Sadow of Citigroup, and Bas Monster of ING. The agenda features such topics as the evolving role of RegTech in APAC, the implementation of RegTech solutions, collaborations in RegTech, and privacy and data protection.
- COMPLY: To be held June 7-8, 2017 in New York City, this conference is unique in its focus of looking at the intersection between RegTech and marketing compliance, bringing together a much larger cross-section of your organization. In this way, you can benefit from ensuring that more of your activities and strategies are compliant and can be streamlined to meet regulations while benefitting from cost savings and greater efficiencies. Speakers and topics have yet to be announced.
- RegTech Summit US: The exact date has yet to be decided but it is slated for sometime in November 2017. Previous events have included over 100 senior-level representatives that interact with participates to determine how RegTech solutions can be applied within financial service firms to make regulatory compliance less expensive and more efficient. Although the speakers have yet to be announced, the agenda has been released and includes topics like the cost-benefit analysis for RegTech solutions, technologies that challenge the regulatory status quo and identity verification. The event will also feature a RegTech solution showcase.
- RegPac Conference: This is the first regulation and compliance conference related to innovation and is focused on attracting entrepreneurs, investors, regulators, and financial industry executives. The two-day conference in Singapore will be held on November 28, 2017, and will showcase startup pitches, panels, fireside chats, keynote speeches and more. The event has yet to release an agenda and list of speakers.
- RegTech Futures: To be held in December 2017, this event has yet to have a location and specific date, but it is not to be missed, as it is one of the largest gatherings of RegTech early adopters from across Europe. There will be numerous issues discussed, including best practices approaches for compliance that helps organizations select the best integration solutions and technology without wasting resources. Numerous banking and regulatory leaders from around the world are converging at this conference, such as Sophia Bantandis of Citibank, Daniel Drummer of J.P. Morgan, and Beju Shah of the Bank of England. The agenda includes topics like mapping the emerging European regulation landscape, fintech regulators, putting RegTech regulatory systems in motion, and overcoming the challenges to managing regulation complexity.
In examining all the agendas and speakers, the excitement is building as more thought leaders are becoming involved in this growing area. Looking forward to seeing you there!