We currently have a festival of football with the UEFA European Championship, and you can be assured that each national team coach will be using data analytics to assess their own and opposition teams and players strengths, weaknesses and winning formations.
Indeed, Belgium and Manchester City midfield maestro Kevin De Bruyne commissioned data analysts to assess his influence at City and how well they are set up for success in the coming years, based on the age and qualities of the current squad.
De Bruyne was able to show City, through data collected, his enduring value to the team as their most influential player and used this to negotiate a significant pay-rise under the terms of the new deal. The playmaker, 29, was on £350,00-a-week but that figure is understood to have risen to £400,000-a-week, consolidating his status as City's highest earner on £20.8m-a-year.
Sir Clive Woodward spoke at The excellent PFS’s Festival of Financial Planning in 2017 about the importance of technology and data analysis. Sir Clive attributed much of his 2003 rugby union world cup winning England team success to data analysis which if used correctly enhances performance.
The FCA, in their recently published report; The future of RegTech – what do firms really want? Commissioned research across many UK financial service firms with 500 online interviews. All firms either employ RegTech or are planning on doing so within 24 months. The main findings are:
- Cost effectiveness; delivering audit services, gaining regulatory management information and streamlined reports at lower cost
- Time effectiveness; it follows that there are significant time savings if focused, real time data reports can be accessed instantaneously which reduce audit work such as client file reviews, reading compliance policy documents and assessing client and operational risks
- Increased efficiency; improving the MI access, streamlining regulatory reports help firms maintain standards, improve accuracy and up to date policies and stay compliant and competitive
The RegTech Associates, a RegTech industry research consultancy has also produced an excellent report with The City Of London; 2021: A critical year for RegTech which focused on challenges and opportunities where RegTech;
- Reduces governance and compliance risks
- Increases efficiency and effectiveness
- Streamlines reporting
- Provides significant cost saving
- Provides greater insights for decision making
With so much going on in the RegTech sector, it’s good news that retail financial service firms are applying data analysis to their compliance activities. If utilised effectively, like sport teams, business can ensure they continue to comply and compete.
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