Model Office’s (MO’s) aim is to ensure compliance is no longer considered as a department or business function but rather a corporate state of mind.
We have a new duck in town, HMT have now placed their stake in the MiFID advice definition camp and thus we now have a clear and transparent definition when advice is advice and not as the case maybe.
Benchmarking professional development within the retail financial service industry means calibrating the FCA directives within Model Office’s (MOs) algorithm. In our blog FCA project Innovate, regulatory resources and RegTech development we detailed some of the FCA papers that MO’s algorithm assesses and incorporates into the regulatory and business development benchmarking.
The problem with regulatory compliance and business development is it’s a bit like hurdling in the dark: you just don’t know if your strategy will protect against the constant stream of regulatory directives, compliance costs and market risks.
Launched with plenty of fanfare, the FCA’s project innovate has its Sandbox live with 24 accepted participants playing in its regulatory safe harbour and testing innovative services, products and business models in a live environment. The FCA TechSprint initiative is also live where app developers meet and are challenged over two days to create a prototype technology for streamlining business operations and regulatory reporting.
Read More [fa icon="long-arrow-right"]
With all this creativity in play, when we were asked into the FCA to ‘kick the tires’ around the sandbox, we thought that the regulator should walk its talk and create a digital diagnostic platform that allows firms to see if they are hitting the regulatory bases and also assess how they are competing in a highly competitive market. ‘Good idea’ said the FCA, ‘But’ (there’s always a but) ‘we can’t be seen to be prescriptive’.
With the rise of Artificial Intelligence (AI) as a marketing and sales engine for various industries and it’s potential to replace human labour, we are now entering an uncertain time for business and its people development.
We had great news this month, MO has been selected to demonstrate it’s FinTech and RegTech features and benefits at the world's largest FinTech Expo Finovate in London February 7th – 8th 2017.