PA Consulting supports FCA and Bank of England to revolutionise regulatory reporting
PA Consulting (PA), the global transformation and innovation consultancy that’s bringing ingenuity to life, has partnered with Suade Labs Limited to support the Financial Conduct Authority (FCA) and Bank of England (BoE) on reviewing its pioneering Digital Regulatory Reporting (DRR) initiative. The new Digital Regulatory Reporting report details the initiative in full and includes PA’s complete set of recommendations.
According to the BoE Future of Finance Report, regulatory reporting costs the UK industry £2.0 - £4.5bn per year, and the full compliance challenge is much greater.
DRR is a leading initiative in the effort to reduce this burden through using emerging technologies – including blockchain, machine learning and semantic technologies – to digitise and automate the end-to-end regulatory reporting process. As well as making it more efficient for all participants in the market, DRR has the potential to reduce regulatory reporting costs by up to 35%.
Read our review of phases 1 and 2 of the Financial Conduct Authority and Bank of England's Digital Regulatory Reporting initiative
PA Consulting has a long-standing relationship with the FCA and BoE, extensively delivering several major regulatory programmes across both financial institutions and with regulators.
PA enlisted London-based financial technology firm Suade Labs Limited, for technical support to provide assurance on the Pilot phases of the DRR, which included:
- Aligning regulatory reporting initiatives across the regulator
- Developing an operating model which is inclusive for all market participants; and
- Pursuing a technical solution which provides early benefits.
Alexander McGill, project lead at PA Consulting commented: “We are really excited to be assisting the FCA and BoE on an innovative initiative that will transform the processing of regulatory data. The ambition and scope of DRR are unrivalled across the globe, demonstrating the UK regulators’ continued commitment to innovation.”
“Our deep expertise and focus on Regtech, evidenced by our recent publication with TheCityUK on Fintech regulation, meant we were a natural partner for the DRR project.”
Murat Abur, CTO at Suade Labs commented: “We are delighted to have been involved in this project which shows the FCA’s dedication to digital supervision and cements them as being one of the most forward-thinking regulators globally.
It also lines up with our responsibility as Global Innovators for the World Economic Forum and its commitment to Improving the State of the World. Suade Labs are very excited to assist in shaping the future of regulatory reporting.”