The Age of RegTech Disruption to the Status Quo Is Here
By Jason Boud1 and Mike Wilson2
1Founder and CEO, RegTech Associates
2Co-Founder, Regtech Markets and RegTechForum
Borrowing from Charles Dickens, in order to fully understand, appreciate, and anticipate the world of RegTech we need to take a journey with the ghosts of markets past, present, and future.
It is not by chance that today there is a concerted, albeit not fully coordinated, effort to atone for previous sins and ensure a cleaner bill of health for the financial markets. There is a clear line of history dating from the boom of the mid-1980s to the bust of Lehman Brothers. Hence, by default, we look back to look forward. We undertake an autopsy on the patient and determine what should have been done to avoid the grim reaper. Lessons learned.
However, can the problems of today, and proofing out for the future problems of tomorrow, really be solved through placing history under a microscope? Too often we bolt the gate long after the horse has already been dispatched for glue – only for a new area of weakness to be opened up for ill-gotten gains while our attention is elsewhere. For true 20/20 vision, do we also need a crystal ball?
Can the RegTech of today, through examining breaches that have already occurred, enable us to stay one step ahead in the future?
Strap yourselves in as we start with the ghosts of markets past.
What RegTech seeks to achieve is not new. The checks and balances for the financial markets ...
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