REGnosys CEO, Leo Labeis, was recently recognised in the 2023 TabbFORUM list of 10 leaders to watch driving change and innovation in financial markets.
Regulatory compliance has long been mired by inconsistent and often ambiguous rules, creating fragmented approaches globally. Leo has played a central role in industry efforts to tackle this problem, promoting the adoption of new technologies and initiatives such as the Common Domain Model and Digital Regulatory Reporting which are enabling firms to adopt a more collaborative and standardised approach to regulatory reporting.
Here, Leo outlines why he founded REGnosys, how the company has evolved and what we can expect to see from REGnosys in the future.
How did you come up with the idea for the company?
I founded REGnosys because I saw from the inside how regulatory compliance implementation has for too long been beholden to inefficient legacy processes and formed a vision on how to solve the problem. I also knew that it would not be possible to change the industry from the inside, so I decided to build a team of industry experts and technology specialists to weed out the complexity from post-trade data management.
Over the past decades, regulatory reporting has proved increasingly difficult due to the sheer volume of data requirements embedded in often conflicting and ambiguous rules, resulting in fragmented approaches globally. REGnosys promotes a more efficient and standardised reporting process by enabling firms to harness the power of collaboration using Rosetta, our low-code collaboration platform dedicated to regulatory reporting.
How has the company evolved over the past couple of years?
As financial institutions have suffered from an ever-increasing regulatory burden and the cost of compliance has surged for global companies operating across jurisdictions, RegTech has emerged as one of the fastest growing sectors of financial technology.
Since 2017, we’re proud to have hired exceptional talent alongside this growth and have developed the Rosetta platform as an award-winning product that is uniquely suited to the challenge. We were delighted to be selected as an early-stage company by the industry’s trade associations, ISDA, ISLA and ICMA, as their partner to develop the Common Domain Model (CDM) and Digital Regulatory Reporting (DRR). This industry-wide collaboration won the regulatory reporting category of the G20 TechSprint in 2020. Earlier in 2019, the FCA and BOE’s own DRR pilot was supported by Rosetta. In 2021, Rosetta also powered the Bank of International Settlement’s Project Ellipse that explored cross-border reporting for retail mortgages.
Rosetta is now proving its mettle in production, with reporting firms leveraging DRR to gone live with the CFTC Rewrite in December 2022 and next with EMIR Refit in April 2024.
We’ve also made great strides in enhancing our Diversity and Inclusion Initiatives. Earlier this year, for example, we partnered with Next Tech Girls to help tackle the issue of gender inequality in today’s technology sector. It’s no secret that the technology sector suffers from several well-documented gender imbalances, with many young girls and women choosing not to pursue a career in technology because it is not put forward to them as a viable option.
Having increased the representation of women at REGnosys from zero at the start of 2022 to 35% now (and with the objective to get to parity), our partnership with Next Tech Girls will help cement our long-term DEI drive.
What can we hope to see from REGnosys in the future?
The RegTech market is on a clear upwards trajectory, with some estimates suggesting that spending on RegTech will make up more than 50% of global regulatory compliance budgets by 2026.
Through our work at the core of this industry, we believe that the adoption of technology-driven solutions will be key in helping firms not only adapt to upcoming regulatory deadlines – but also prepare for future updates more effectively.
While most firms are currently focused on the upcoming EMIR Refit deadline, regulatory reporting reforms are expected to roll-out across the G20 over the next few years. These include rewrites to the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) amongst others.
We look forward to helping financial institutions harness the DRR movement and use Rosetta to navigate these regulatory changes and adopt a more strategic approach to data management.
Wednesday 22nd November 2023
Transforming the Customer Experience: A Fireside Chat with REGnosys and Old Street Partners, Part II
Wednesday 15th November 2023
Transforming the Customer Experience: A Fireside Chat with REGnosys and Old Street Partners, Part I