OPEN REGTECH

OPEN REGTECH

2020_FINOS_OSFinancialServicesGraphic_Final (1)

 

Regulation Innovation Special Interest Group

The FINOS Regulation Innovation Special Interest Group (SIG) is a community of people interested in creating open source solutions for regulatory and compliance issues in financial services. This SIG was approved by the FINOS Governing board in October 2020 and is co-chaired by David Ehrich, Executive Director, AIR, and Ian Hollowbread, Head of RegTech ING Labs, ING.

Participants of the Regulation Innovation SIG meet biweekly on Tuesdays. Learn more at github.com/finos/open-regtech and get involved.

WHY OPEN REGTECH?

We believe that Open Source Software, Standards and Best Practices can unlock significant value for financial regulators and the entire financial ecosystem. This lays the foundations for a robust market infrastructure and ultimately boosts innovation and welfare by freeing up resources.

ACCESS TO TALENT
Talent crunch makes it difficult for financial regulators to keep up with technology 
STANDARDIZATION
Common standards used across the industry to meet regulatory requirements
AUTOMATION
Leverage open standards, technology and tooling to automate manual processes
TRANSPARENCY
Access to information and eventually real-time reporting
EFFICIENCY
In policy making and inspection when open standards & open source are used

EXAMPLE USE CASES

Many organizations are already collaborating on Financial Regulation projects in the open. 

OPEN REGTECH RESOURCES

Open Source for Regulation Overview

FINOS presentation introducing open source with a focus on opportunities in financial regulation.

 

AIR Techsprint on Financial Crime - October 19-23

Bringing together a diverse set of stakeholders to surface new models of traceability and technological solutions to improve anti-money laundering tools and processes around cryptocurrencies.

 

AIR.ed Webinar

On May 7th, 2020, we co-hosted a webinar with the Alliance for Innovative Regulation (AIR) that covered the basics of Open Source and its potential in financial regulation.

 

The Next Frontier: An Open Source RegTech Stack

Mike Stevenson explores open source as a tool to maximize investment in regulatory technology.

 

Waters Technology: Finos Sees Opportunity for Open Source in RegTech Space

In June 2020, Rebecca Natale, Waters Technology, reports on a conversation with Gabriele Columbro, FINOS Executive Director, on the vision and progress of the Open RegTech initiative.

 

 

FINOS OPEN REGTECH IN THE NEWS

What Objections Would A Regulator Have To Open Source?

FINOS member Adaptive argues that RegTech is a strong candidate to become a utility, and to be open sourced. In this article, Adaptive CEO Matt Barrett looks at some of the potential concerns a regulator might have with this model.

 

Press Coverage 13 November 2020

Markets Media: FINOS launches Open RegTech Initiative

Finextra: FINOS extends Open Source Project to RegTech

Bloomberg: FINOS Launches Open Regtech Initiative as it Receives Record High Number of Open Source Contributions

 

 

GET INVOLVED

Join

Become an Associate Member if your are a non-profit, government agency, association, or academic institution involved in regulatory activities

Communication

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