Wolters Kluwer to Share Insights at Dubai’s RegTech Mena Conference 2017

Wolters Kluwer’s Finance, Risk & Reporting business is the Gold Sponsor of this week’s RegTech Mena conference taking place in Dubai – the first conference in the region to address the topic. The Wolters Kluwer business provides integrated regulatory compliance and reporting solutions for financial institutions globally.

The convention, organized by the World Arena Group, aims to provide an understanding of what RegTech means for financial institutions. Participants will be able to explore the latest digital innovations in the regulatory technology and risk management landscape. “Industry leaders and experts will discuss whether RegTech will become big business for financial institutions looking at managing compliance costs and reducing operational risks,” the organizer says. “RegTech solutions try to address complex and costly compliance and risk management challenges that arise from Basel III, IFRS 9, MiFID II, AML and many more new regulations that need to be implemented before 2018.”

Jeroen Van Doorsselaere, Wolters Kluwer’s Vice President of Risk and Finance, EMEA, will present at the conference, providing a RegTech case study examining the practical use of RegTech in the context of finance, risk and reporting.

Late last year Wolters Kluwer took part in a TechSprint (sometimes referred to as a “hackathon”) organised by the U.K.’s Financial Conduct Authority (FCA). The event, “Unlocking Regulatory Reporting,” was designed to improve the interface between the regulator and regulated firms, allowing participating firms to discuss the practical uses of RegTech. Notably, the finance, risk and reporting technology vendor acted as the Regulatory Reporting Subject Matter Expert for the event.

According to the FCA, “RegTech is a sub-set of FinTech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities.” RegTech systems are being increasingly embraced by banks, as noted in a recent white paper by Wolters Kluwer. RegTech is devoted exclusively to compliance and related issues, such as risk analysis and management. One promising feature of the technology is that it should be able to work with existing systems since RegTech tends to be heavier on software than hardware. Such systems should keep institutions ahead of the game by allowing them to keep track of, and adjust to, new rules as soon as they are implemented.

In recent months Wolters Kluwer has signed a number of clients in the Middle East region to use its OneSumX suite of products. This includes Lebanon-based Blom Bank which now uses OneSumX for Operational Risk and The Bank of Jordan which chose OneSumX to provide its risk software after a competitive tender process. The bank has specifically signed up to use OneSumX for Risk to manage its Liquidity Risk and Asset and Liability Management (ALM) requirements.