The FCA is calling for views on a proof of concept that could potentially make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide.
One of the ways the regulator explores how technology can make regulation more efficient is through TechSprints, which bring together financial services providers, technology companies, and subject matter experts.
In November 2017, the FCA and the Bank of England, held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient and consistent. Participants successfully developed a proof of concept that could make regulatory reporting requirements machine-readable and executable. This means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns.
In its call for input, the FCA outlines the technical steps that developed this proof of concept and asks for views on how it can improve this process. It’s also seeking feedback on some of the broader issues surrounding the role technology can play in regulatory reporting.