Regulatory Data Management and Data on Demand are key areas of interest for leading Financial Regulators across the world

Deep collaboration with some of the world’s leading central banks, supervisory authorities, industry thought leaders and subject matter experts have been a fundamental part of our business strategy and vision. Over the last couple of years, we have been hosting an annual SupTech/RegTech conference to bring together our growing community of customers, experts and partners to share their experiences and contribute to the future of regulatory reporting.

This year, in place of our annual conference in Dublin, we are hosting a series of monthly SupTech webinars for our community of Financial Regulators. Our recent Product Roadmap webinar provided a platform to review and contribute to our roadmap, keep up to date with latest industry trends and learn about service updates. During the webinar, we gathered insights and roadmap feedback from 48 representatives of leading supervisory authorities across the world, including the UK, Canada, Singapore, Australia and Saudi Arabia.

Regulatory Data Management and Data on Demand: Push & Pull, emerged as key areas of interest for the participants, reflecting current industry trends towards standardization of regulatory data models and new channels/architectures for data collection.

Trends in financial supervision are leading to greater data complexity and enhanced scrutiny of regulated entities. This poses quality, resourcing, timing and data management challenges for both regulators and the regulated. We can see that these trends reflect key areas of interest for leading Financial Regulators, based on the insights they provided during the webinar:

1. Regulatory Data Management

2. Data on Demand (Push and Pull approaches)

3. Granular Data

4. Machine Learning

5. Cloud and Containerisation

Data On Demand is a popular term used to describe the goal of a Financial Regulator to collect data in a more seamless manner than they have traditionally. However, when digging into their goals/requirements in more detail it transpires that the real aim is to receive more timely data, reduce human effort and reduce human error. Vizor’s Chief Technology Officer Ryan Flood has explained both Data on Demand and Granular Data in this article. When talking about ways that Financial Regulators can apply methodologies and technology to innovate their approach to supervision, we have found with the rollout of our automated reporting channels, such as at the regulator Bank of Ghana, that Vizor APIs is the preferred ‘’push’’ and more prudent approach, generally speaking, to this use case.

Regulatory Data Management is one of the aspects of Regulatory life-cycle. It became more important recently with the increased focus on financial stability and increased rate of change in reporting requirements, where the most data management challenges are around data interpretation and transformation. Working with the regulators, we have learned that the Vizor Regulatory Data Management (VRDM) process is highly impactful and includes standardised practises, user-friendly and portable tools, platform-based process and training. This approach eliminates duplication, creates a common language, allows to use tools hat regulator is already using and it is highly automated and supported by Vizor’s team of experts.

With 20 years of experience working with Financial Regulators across the world, Vizor is constantly innovating and investing in product development, innovation and customer engagement. This reflects Vizor’s commitment to deliver new solutions which digitalise and increase efficiency between the regulator and the regulated for a more seamless experience by both parties. With new ways of working, we are looking forward to insights we are going to gain from our customers in the next sessions that will cover Vizor Builder Features and API’s.

We are also planning to host webinars to discuss trends, challenges and opportunities in the financial industry by focusing on two key areas (*dates to be confirmed):

• Data on Demand: push & pull; Using API when working with FI’s – webinar focused on the push and pull approaches to collect data, key challenges and trends, showcasing Vizor API’s use case.
• Regulatory Data Management – webinar that will cover process, structure and teams involved in Regulatory Data Management and how Vizor can help.

If you are interested in attending the webinars above, please express your interest by pre-registering here.