How RegTech Could Help Determine the Future of Financial Services
By Subas Roy
Partner, Oliver Wyman
Let’s start with a true story, in which only the names are changed but the facts remain. The ringing of Esther’s alarm clock woke her from a deep sleep. The noise of the alarm had been going on for some time while she was trying to continue sleeping. She got up from her bed trying to remember what had happened in the boardroom the night before; it all seemed to have left a sour aftertaste. Not only has she been asked to leave the bank immediately, but she is also very much aware of the amount of press and attention this will garner, adversely impacting her career and reputation, which she has been building meticulously over the past 25 years. Was it all worth it? Not at all.
Esther was a very successful senior executive; she was the Investment Banking CEO of Bank X, a global systemically important bank (G-SIB) with operations around the world. She had risen from front desks, across operations, to management, and had then been elected as the CEO of the investment bank three years ago. Among her many qualities, she was brilliantly persuasive with the very strong commercial skills of a frontline sales executive. I interviewed Esther in November 2016 while preparing for my RegTech book and also this very chapter. She is a real person, but I have taken the liberty of changing her name and identity for these writings. The message will remain unaltered.
Where It All Started
In the ...
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