On October 17th, 2019, Alan Blanchard (Business Development, APIAX) will take the stage at the RegTech Summit and share his knowledge while presenting his innovative solution. He met with InFinance to discuss the latest regulatory changes and the transformation of the financial industry.

How would you define the context behind the creation of Apiax? How has the solution evolved since its first releases?

Companies around the world are faced with ever-rising amounts of laws, rules, and regulations. The complexity involved in ensuring that organizations follow these rules and manage changes to them have come to a point where this is barely manageable by humans. At the same time, organizations are moving towards fully digital processes that need to be as compliant as the manual ones – creating yet another layer of complexity.

Apiax provides enterprises with the technology stack to tackle these challenges. We empower companies to turn regulatory requirements into binary answers and to use this knowledge more efficiently than ever before. Our goal is to empower financial institutions to master regulatory complexity and to enable them to finally focus on business development again.

Our solution has evolved along multiple dimensions. Our Platform, originally intended “only” to digitalize written regulations, has developed into a comprehensive workbench for legal, compliance and risk experts. Our Apps now cover more use cases than we originally had on our agenda. And we’ve come a far way with our data offering, already covering more than 80 jurisdictions and making them available through an easy-to-use API.

 

What are the main regulatory challenges companies are facing in a fast-paced and changing environment? How can Apiax support them in such times?

With the ever-changing regulatory environment, we see legislation ambiguity being a huge problem for organizations, holding back professionals fearing misconduct. Navigating through this landscape also puts pressure on timeframes as procedures for compliance checking become lengthy.

A major obstacle for FinTech start-ups looking to expand internationally are also regulatory discrepancies amongst jurisdictions (across and within regions).  According to a report from the OECD and the International Federation of Accountants (IFAC), the cost of regulatory divergence was significant or very significant to the financial performance of 75 per cent of the institutions surveyed. 71 per cent of respondents indicated that these developments were an obstacle to expanding their business to new jurisdictions.

At Apiax, we believe that RegTech is the key to fixing the broken link between where compliance knowledge is needed and where it is abundant. We want to empower financial institutions to transform regulatory knowledge into clear yes or no answers that everyone has easy access to and that can be integrated directly into digital products and processes.

In the future, we envision that legal & compliance experts will work on a digital workbench that allows them to make their expertise accessible across complex organizations and even to work directly into digital processes.

 

According to you, which regulations have actually transformed the financial industry the most? Why? What about future regulations?

The suite of regulations to make the move to open banking is a big leap. Consumer focused, allowing for real competition, we have seen fintechs make headway using this route. And we are yet to discover the full benefits of the regime.

In general, however, we are not so much concerned with individual regulations as with their rising amount. And we expect this complexity to increase in the future. In our view, financial institutions need to develop the necessary technologies and techniques to be able to remain competitive in this environment. This is where we point our attention to. Rather than looking at individual regulations and their influence on certain silos in an organization, we think the time is right to think fundamentally about how financial institutions can master regulatory complexity with the right set of RegTech solutions.

 

More information and registration*: www.regtechsummit.lu

*Entry is free of charge for COOs, DPOs, CIOs, CISOs, risk managers, compliance officers, Head of regulatory affairs, private bankers, fund managers, insurance directors etc. with the following code: ART6878

Tickets for decision-makers services providers and consultants: Entry is charged €250 excl. VAT, 200€ excl. VAT for InFinance Partners.


Publié le 15 octobre 2019