Source: Governor Software
Governor Software Ltd has successfully completed the Financial Conduct Authority and Bank of England convened TechSprint.
The event was designed to tackle the increasing challenges that financial institutions face in implementing their regulatory and compliance obligations - specifically exploring the potential for model-driven machine-readable regulation.
Maria Phillips, Head of Implementation & Support, Governor Software, commented: “This was an excellent opportunity to not only collaborate with the FCA and BoE but also our industry peers. Over two weeks we utilised the Governor Software proposition to prove governance can be applied to a digitised and integrated solution for a machine readable regulation.”
Alongside a mixture of start-ups, incumbent institutions, technology providers and academics the Governor Software team developed a ground breaking frictionless process, which automatically updated a mock obligation change associated with SUP 16.12 with firms' transactional applications and databases.
Phillips continued: “Through participating in the TechSprint we were able to verify and apply governance for digitally-enabled regulation and more significantly provide transparent system access to meet the SYSC requirements of the FCA Handbook and PRA Rulebook. This development really could fundamentally change how financial institutions understand, interpret and report regulatory information.”
Governor Software provides its clients with the ability to deconstruct regulations, frameworks and controls into visual maps that clearly communicate the obligations that require oversight and then to be able to track the changes as they are made to the obligations. Key Indicators and assessment points provide the first line of defence in order to record compliance and areas of concern. In addition, the solution presents the status of individual and overall compliance in the structure of the original regulation, framework or policy. All of this is completed in a structured and auditable process so that review and audit becomes a lot more efficient.