An invitation to workshops on the ongoing technological revolution in financial regulation and the opportunities for the insurance industry. Response deadline April 30th.
A global regulatory revolution: at the starting blocks. Central to the ongoing wave of innovation in financial services are applications of fintech in regulation and supervision (“regtech”,”suptech”). Regulators world-wide are accepting the need for employing technology to contain compliance costs of current regulation and while obtaining the necessary transparency of financial activities for effective oversight.
These efforts have acquired real momentum in the past year. The UK is leading with the BoE/ FCA digital regulatory reporting initiative: their 2020 consultation paper ‘Transforming data collection from the UK financial sector’ and 2021 road map ‘Transforming data collection from the UK financial sector: a plan for 2021 and beyond’.
The European Banking Authority has recently launched a consultation on integrated reporting based on digital technologies. Regtech and suptech are also of central interest to the European Insurance regulator (see EIOPA (2020) Supervisory Technology Strategy). In the US the FDIC launched last year a technology competition “FDIC Launches Competition to Modernize Bank Financial Reporting,”
This new direction of travel is summarised in recent papers from the Bank for International Settlements (FSI insights on policy implementation no 29) and the Financial Stability Board (The Use of Supervisory and Regulatory Technology).
We will explore the opportunities for insurance in a series of four virtual workshops in May and June 2021.
These will examine the challenges and application of technology in
All workshops will run from 14.00-15.30 BST and take place on MS Teams
A first output will be short workshop summaries, highlighting key points of our discussion and circulated only to workshop participants.
A second output will be a published report, targeted at senior management, examining opportunities in these four areas and addressing shared challenges such as:
To register interest email David McNulty at Loughborough University, D.Mcnulty@lboro.ac.uk stating which workshops (1,2,3, 4) you would like to join in order of preference. Individuals will be restricted to attending one workshop, but we will welcome expressions of interest from colleagues. Applications should be submitted by Friday 30th April, and we aim to confirm attendance by 4th May.
Alistair Milne and Chris Holland (Principal Investigators, TECHNGI), 15th April, 2021
TECHNGI, https://www.techngi.uk/, examines the opportunity and challenges for the UK insurance industry from the application of AI and other data technologies.