Technological innovation presents both challenges and opportunities for financial services firms. Added to which regulators around the world are continuing to review their approach to fintech and the solutions aimed primarily at improving regulatory compliance (regtech) together with those aimed at the insurance sector (insurtech).
All firms face IT and cyber risks and there has been increased focus on the use (and indeed abuse) of technology due to the COVID-19 pandemic. The Thomson Reuters Regulatory Intelligence survey results for 2021 and accompanying report will provide insight into both the developing global regulatory approach and the direction and progress of risk and compliance functions in managing fintech, regtech and insurtech, enabling firms to benchmark their own views and preparations against peers
The report for 2021 will build on the fourth annual global survey report on fintech, regtech and the role of compliance which highlighted the ebb and flow of attitudes on the adoption and use, in practice, of technology in financial services. The report also highlighted the shifting role of the regulator and global concerns to tackle the rise of cyber risk.
Voice of the industry
The fintech, regtech and the role of compliance report is the acknowledged voice of the industry with, over the lifetime of the report nearly 2,000 responses from compliance and risk practitioners around the world and has been downloaded over 10,000 times by firms, risk and compliance practitioners, regulators, consultants, law firms and globally systemically important financial institutions (G-SIFIs).
The 2021 report will provide an unparalleled insight into how financial services firms’ risk and compliance functions are responding to issues, challenges and potential benefits of the current digital and technological transformation. Individual fintech, regtech, insurtech and suptech solutions are not considered but rather the key points for firms and boards together with their risk and compliance functions to take into account when considering the deployment and use of possible technology-enabled solutions.
It is estimated that the agile and widespread roll out of technological solutions in response to the COVID-19 pandemic has accelerated the digital transformation in some financial services firms online product and service offerings by as much as 3 years. Firms are also seeking not only to be able to continue to provide existing services to customers but also to remain competitive as other financial services firms also expedite their digital offerings. Digital transformation is here to stay with business models changing as firms face growing competition from fintechs and bigtech. As a result risk and control infrastructures are having to adapt, and adapt quickly, to support the faster pace of digital transformation and new business models.
The survey for the fifth annual report on fintech, regtech and the role of compliance should take no longer than 5 minutes to complete. All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available by the end of 2020. The survey will close on July 31, 2020.