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Reducing the regulatory burden: How can technology revolutionise compliance processes and make complying with multiple regulations more efficient?
Journal of Financial Compliance,
3
(2),
138-146
(2019)
Abstract
This paper summarises how new technologies can improve efficiency and effectiveness in complying with multiple regulations. It analyses the key drivers that may drive this technological revolution and the reasons why this revolution should start now. The paper focuses on two uses cases that illustrate examples of new approaches. First it introduces holistic compliance solutions and their benefits in detecting fraudulent behaviours. Secondly, an example of the use of blockchain technology in the area of trade repositories is presented. The paper ends with the identification of the opportunities for the buy-side given by the experience matured by sell-sider.
Keywords: holistic surveillance; RegTech; blockchain; analytics; artificial intelligence; communication
The full article is available to subscribers to the journal.
Author's Biography
Deborah Traversa While graduating in business management at Bocconi University in Milan, Deborah Traversa already started a job experience in the financial markets area at 24 ORE publishing Group. In 1996 Deborah Traversa completed her studies attending the Master CEMS (Community of European Management Schools) at the Erasmus Universiteit in Rotterdam and worked in London for Banca Commerciale Italiana. In 1997 she began her professional career as a management consultant at PricewaterhouseCoopers in Milan, where she dealt with projects based both in Italy and in Europe. In 2000, she moved to the Boston Consulting Group, where she was actively involved in the financial services practice as a project leader. In 2004, Deborah joined SIA as Capital Markets marketing manager. In 2012, she was appointed Director of Capital Markets Division, supporting supervisory authorities, trading venues, CSDs (Central Securities Depositories), global custodians, associations and other financial market players. She was in charge of the whole capital markets, developing trading, post-trading, compliance and surveillance services and platforms. As of March 2019, she is Marketing Director with responsibility for developing SIA’s new offerings and coordinating the realisation and go-to-market strategies for the achievement of the objectives of growth and development set out in the budget and in the industrial plan.
Giacomo Toselli graduated in computer science at Politecnico di Milano in 2001. After an experience in First Union National Bank (now Wells Fargo) in Philadelphia, he joined Altran Italia as a consultant, leading numerous projects for important banking groups. In 2005, Giacomo began working in SIA as a Technical Responsible for a new line of products devoted to compliance and trade surveillance in financial markets. In 2007, he was appointed Product Manager of the innovative SIA-EAGLE solution, contributing to its success in more than 150 financial firms, authorities and trading venues. Thanks to his strong and practical experience, he became a point of reference in trade surveillance, both from regulators and financial firms’ perspectives, Markets in Financial Instruments Directive (MiFID), conflicts of interests, personal account dealing and other topics related to compliance in financial markets.
