In this webinar, hosted by RegTech Women Co-Founder Dr Sian Lewin, were discussed the top five questions in risk management and control, and what financial firms need to consider to build a robust and successful risk framework. Sian was joined by panellists, Rupal Patel, Founder of Women in Risk & Control (WiRC) and Head of Network Engagement & Insights at Acin and RegTech Women Advisory Board member, Kate Makuen.

Risk touches nearly every area of a financial institution. That could be operational risk, non-financial risk, credit risk, market risk, liquidity risk, reputational risk, financial crime risk…The list is endless. The webinar looked at what some of those risks mean and, more importantly, how we build that robust risk and control framework within an organisation. The webinar also focused on how regtech firms have a huge influence in helping firms manage their risk and control environments.

Some of the challenges in risk and control facing institutions today include managing the amount of information and regulations that have come out following the financial crisis. As a result of this crisis, risk and controls started to be embedded within organisations. This meant a lot of data was being created, a lot of controls proliferated and a huge number of regulations were introduced in order to manage risk. With regulations, come controls. We need to simplify some of the language that is being used so that from the front- to the back-office everyone can use the same language.
In addition, we need clean data and governance to ensure the data is continuously clean. Furthermore, we need to look at dynamic data, i.e., not just putting in a control today to meet a new regulation but a constant review of controls. Fundamentally, it is a concept of alerts and triggers to give actionable insight. As an industry we have not really introduced risks and controls to alert us to the next thing that is coming. This is because the data has not been so clean. If the data has good governance, it will hopefully drive continuous risk and control diagnostics to allow us to create those alerts and triggers. From there comes risk intelligence, where everyone is talking the same language, we simplify and we understand controls in the same way, and then, we collaborate. Collaboration is key, with networking and the vital intelligence it provides. Also, regulatory dynamics are important – understanding what the regulators are asking for and looking out for. How do we work with the regulator to understand what they are asking and feel sure they have confidence in the governance and oversight of financial institutions? 

To learn more about risk and conduct in regtech, we encourage you to click on the link below and listen to the whole discussion with Sian, Rupal and Kate.

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