Blythe Barber, JWG
"We're proud of how the team has leveraged our RegDelta platform to pioneer a new approach to managing regulatory change."
London - JWG, provider of regulatory change management, gathered with leading figures to celebrate with Royal Bank of Scotland (RBS) after they won a prestigious 'best use of IT for the purposes of risk/ regulatory management' award.
RBS was recognised for its project to create a standard set of interpretations to inform business requirements documents (BRDs) for over 50 regulatory reporting regimes across the globe. Hundreds of systems and databases were part of the scope of the analysis, involving scores of business stakeholders.
Claire Hussey, head of Middle Office and Supervisory Technology at Royal Bank of Scotland, said, "This is an innovative way for us to manage our compliance with regulatory rules. We hope this will lead the way in providing a standardised and mutualised approach to regulatory rules interpretation across the financial services industry. Our operations and technology teams are thrilled to be recognised by this award."
RegDelta is the world's first regulatory change management platform that allows firms to analyse and maintain a golden source of all their regulatory obligations. This state of the art platform empowers the enterprise to assess the impact of every clause, assign the right actions and track the status. Tracing decisions and storing documentation to provide a robust corporate memory, it provides powerful change management workflow and reporting unavailable on other platforms.
Simply, traditional approaches to managing the volume and multitude of regulatory changes have proven costly, slow and, in many cases, resulted in further complexity, confusion and fines. Regulatory compliance continues to top the board's agenda. The consequences of inadequate reporting can be severe and, between 2009 and 2014, global regulators levied more than USD260 billion in fines.
Commenting on the award Blythe Barber, managing director, of JWG, said, "Senior management saw two distinct choices ahead of them: either kick off a series of ongoing and siloed governance risk and compliance (GRC) projects for the foreseeable future; or leverage a state-of-the-art regulatory data platform to create a new way of managing regulatory reporting. We're proud of how the team has leveraged our RegDelta platform to pioneer a new approach to managing regulatory change."