JWG, the trusted industry expert in regulatory intelligence, today announced that it will be joining this Autumn’s reporting TechSprint convened by the Financial Conduct Authority (FCA) and Bank of England (BoE) which will explore the potential for model-driven, machine executable regulation. 

This TechSprint will see if a regulatory requirement, written and released by the FCA, can be mapped directly to a financial institution’s data, creating the potential for automated, straight-through-processing of regulatory returns – limiting the need for extensive and costly interpretation within a bank. 

Running over two weeks, participants ranging from large investment banks through to specialist RegTech providers, such as JWG, will collaborate to tackle the ambitious use case. 

JWG’s CEO, PJ Di Giammarino, commented: “Whichever way you look at it there are currently a lot of inefficient processes that try to close the gap between what the handbooks are trying to achieve and what is actually reported to the FCA and BoE. This year’s TechSprint is pushing the boundaries of semantics and natural language processing to see if we can create a more efficient process which nets higher quality data.” 

Di Giammarino continued “We are delighted to be collaborating with the regulators and our industry peers again; if we can nail this use case we will be in position to fundamentally change the reporting process for financial institutions.”

A team of JWG’s analysts will utilise its next generation RegDelta platform at the TechSprint event.  RegDelta automates much of the labour-intensive tracking and reviewing of regulatory documentation; meaning firms and service providers can more easily understand the context for every FS regulatory initiative, paragraph and footnote as it is issued.  

The semantic ontology platform converts, loads and enriches every document with a proprietary model for FS obligations, giving an enterprise the power to reassemble and configure its obligations and know when changes occur. RegDelta can also link people, departments, systems and other aspects of a firm’s operating model directly to the relevant texts and interrogate it via a robust API.

JWG successfully participated in the inaugural reporting TechSprint in 2016 which delved into the challenges that financial institutions face when implementing their regulatory and compliance obligations. Collaborating with ClauseMatch, JWG were commended twice by the industry for bringing together its regulatory change management platform, RegDelta, with ClauseMatch’s document collaboration platform.