42 posts categorised "Technology"
18 March 2020 IFRS 17: What you missed from Oracle OpenWorld Last month’s EMEA Oracle OpenWorld was a great opportunity to explore how technology can solve the key challenges facing business today. As part of our role as sponsor, we co-hosted a client roundtable with Oracle on IFRS 17. We wanted to showcase how, when technology is approached with the right mindset, the solutions can go beyond simply meeting regulatory compliance to delivering finance transformation.
28 January 2020 How will automation change the compliance function of the future? As the use of machine learning and robotics in financial services evolves, it raises a fundamental question about what the future holds for the compliance function. Against a backdrop of cost pressures and a changing regulatory landscape, many organisations are looking to automate manual activities. But could the compliance function ever become fully-automated?
22 January 2020 What does the regulatory revolution on data collection mean for firms? We are going through a revolution in the way financial services firms use data. The quantity and complexity of the data available to firms is unprecedented. This brings unique opportunities to better tailor the services provided to customers but also significant regulatory, operational and even ethical challenges.
03 December 2019 A journey towards responsible AI in financial services By Leigh Bates and Maria Axente The topic of ethical and responsible Artificial Intelligence (AI) in financial services has risen in popularity over recent years,...
04 September 2019 Trust me, I’m a robot - Explainable AI in Financial Services The Financial Conduct Authority (FCA) has signalled that firms should focus on achieving “sufficient interpretability”, essentially a compromise between AI functionality and the ability to clearly explain its decisions to stakeholders. While sensible, the definition itself raises a number of questions firms need to tackle. First, the level of explainability that will suffice is unclear. Decisions reached with the help of AI may be explainable to a firm’s Chief Digital or Data Officer, but would a retail customer understand the implications?
02 September 2019 Coming a cropper - Data farms and insurance fraud Amidst other significant enforcement activity, the Information Commissioner’s Office (ICO) recently reported raids on two UK addresses as part of an ongoing investigation, conducted in partnership with the Insurance Fraud Bureau (IFB), into the suspected illegal acquisition and sale of personal data. The suspicion was that high volumes of data farming activity, or vishing, was taking place at these addresses to illegally obtain the personal data of motor accident victims to sell on to solicitors for personal injury insurance claims. In the context of the ongoing fight against insurance fraud, this is an important development. In this blog I highlight three of the most important themes I took away from it.
14 August 2019 Evolution or Revolution? HMT fires the starting gun on its review of the UK’s future regulatory framework Whatever the UK’s relationship with the EU ends up looking like, it’s clear that the UK’s regulatory framework needs to adapt to the new reality. This is driven not just by the fact that the UK will no longer be subject to the EU’s regulatory framework (assuming the UK leaves the single market), but also because of the scale of change and disruption in financial services from technology, new players and changing demographics.
25 June 2019 With great computing power comes great accountability Scroll through a newsfeed nowadays and it’s difficult to avoid the latest take on innovative technologies such as Artificial Intelligence (AI), machine learning and advanced data analytics. These technological developments are beginning to disrupt the way in which financial services firms operate. A recent report by PwC shows that, while firms are at varying degrees of maturity in adoption, many are now embracing these technologies to transform activities such as risk management, fraud detection and post-trade processes. While these innovations are likely to be adopted by many within financial services, debate is growing around the disruptive power of new technologies and who is ultimately accountable for ensuring they are used responsibly.
06 June 2019 Cryptoasset regulation: clarity or conundrum? The growing popularity of cryptoassets poses a conundrum for regulators. Some have acted quickly with bans or bespoke regimes, while others are taking a more evidence-based approach and plan to reach a more considered view on the appropriate regulatory stance. But with cryptoasset products and associated activities increasingly crossing the boundaries into mainstream financial services, regulators around the world are under pressure to provide clarity over the application of existing regulation to this market. In the UK, authorities have attempted to do this but, how helpful have their efforts been?
05 February 2019 Get set for hypertech: Why it’s time for life and pensions businesses to think bigger on technology The life and pensions industry is being transformed by data and technology innovations. As PwC explores in UK Life & Pensions: A roadmap to succeed in a fast-changing sector, a combination of data analytics, artificial intelligence and increasing computational capacity are paving the way for simpler products, reduced costs and sharper risk pricing. These developments can also boost innovation by making it possible to tailor customer solutions with greater precision and build and deploy new offerings with increased agility and speed.
29 January 2019 Technology Risk: Balancing innovation and risk Today’s technology risk landscape is an intimidating one – sector disruption and emerging technologies are transforming the Financial Services (FS) industry – and it’s up to the technology risk function to make sure that the risks associated with that transformation are being managed and mitigated appropriately.
23 January 2019 Bridging the care funding gap: Where purpose, opportunity and licence to operate align As people live longer and pressure on welfare spending increases, the challenge of how to fund long-term care is one of the most critical issues facing our country.
08 November 2018 Delivering digital change In an environment of rising regulatory and compliance costs, technological advances and increasing customer expectations, emerging regulatory technologies (‘RegTech’) have been heralded as a revolution for financial services firms looking to manage regulation more efficiently. Expected benefits include an improved customer experience, better business outcomes and the ability to manage risks in a more cost-effective manner. Given the current challenges stemming from manual business activities, poor data quality and a lack of holistic monitoring and risk analytics, it might be expected that firms would be rushing to implement RegTech solutions.
05 November 2018 What are the drivers to RegTech adoption in financial services? Organisations spend between $1- $5 million for every $1 billion in revenue on regulatory compliance. With the cost of compliance making up such a high share of revenue, it is no surprise that over-regulation remains a top threat to company growth across the world.
27 September 2018 Next generation outsourcing in the future of the life insurance and pension sectors: Building the platform for competitive transformation Across the life and pensions market, businesses are asking “how can we ensure that our operations are fit for the future?”
17 September 2018 RegTech and Policy - How to keep pace with innovation? Technology is undoubtedly changing the way financial services organisations operate with aging functions being removed or automated to drive efficiency and cost reduction. At the same time new delivery channels are emerging that allow companies to interact with each other and their customers in ways not imagined at the turn of the century. With an unprecedented pace of change, how do businesses and policymakers keep pace with innovation?
06 February 2018 IFRS 17: How best to involve your auditors With less than 3 years now until IFRS 17 becomes effective, I would hope most insurers have already come to terms with the large role that auditors have to play in the IFRS 17 journey.
17 January 2018 Process Intelligence: finding the “except whens” By Ben Higgin and Rob Anderson "The process operates like this except when ..." This is something that I often hear when discussing operational processes...
06 December 2017 Don’t sleepwalk into a KYC arms race - Part 2: Time is money By Imran Farooqi Following on from our first blog last week, let’s take a closer look at what we mean by ‘time is money’. This...
06 December 2017 Technology risk – what (should) keep CROs awake at night? By David Lukeman We’ve seen payments outages met with serious reputational damage for the organisations involved. They have been nothing short of a game-changer as...
23 November 2017 Self-build or multi-vendor: the challenges of IFRS 17 technology By Richard Hart Blog snapshot: No single technology vendor has an end-to-end solution so a multi-vendor approach or self-build will be needed. IFRS 17 presents...
14 November 2017 The future of technology risk By David Lukeman In September this year we hosted the FS Technology Risk Leaders conference where we hosted 50 senior clients across the banking, insurance,...
11 September 2017 The future of compliance: How a new breed of technology is changing the way we manage compliance By Mark Gossington Regulatory Technology (or RegTech for short) is one of most exciting developments to have emerged from the FinTech sphere in recent years....
19 July 2017 Are your customers ready for PSD2? By Jonathan Turner and Megan Charles Ensuring customer payment transactions are secure is one of the primary objectives of the revised Payment Services Directive (PSD2)....
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