The banks of the working group will deepen the RegTech, that is the technological innovation applied to the systems and procedures that contribute to ensuring the compliance of banks with regulatory requirements.
Digitization and compliance: the Abi shipyard will start working on the so-called "RegTech", ie technological innovation applied to the systems and procedures necessary for banks to contribute to their compliance with regulatory requirements, in an even more effective and efficient way.
Only in 2017, in Italy, have been issued 1.509 well as rules of European and national law, considering all the regulatory steps are about six rules for each working day, an increase compared to 1.247 2016. In this scenario, exacerbated by the recent crisis that has further raised the reporting requirements and regulatory standards for European banks, it has become essential to encourage a digital evolution of all compliance activities, taking advantage of the new tools and new skills made available by technological innovation.
The shipyard has the task of analyzing some of the possible technological solutions capable of facilitating the demanding work of regulatory monitoring and, in perspective, reducing the huge compliance costs incurred by the banking sector. For example, by automating and digitizing - thanks to the use of algorithms, semantic engines and artificial intelligence solutions - a series of processes that are essential to carry out planning, verifications and subsequent reporting both internally and to the Authorities. In this regard, in the next few months a further work could be started on the so-called “machine readable regulation”, that is on the technologies capable of making the rules more suitable to be analyzed and treated in the new RegTech compliance context.