• Insight
  • Thursday 26th January 2023

Meet the team: Minesh Patel

Minesh has been with REGnosys since its inception and is our current Chief Technology Officer. Here, Minesh discusses what attracted him to working at REGnosys, the biggest regulatory challenges currently facing financial institutions and what we can expect from the reporting landscape over the next five years. 

Tell us a bit about yourself and your role at REGnosys 

I started ‘coding’ at an early age using a commodore 64 – copying pages of code from the commodore weekly magazine without understanding what I was typing, all to build a guess the number game. Years later, to no surprise to my friends and family, I chose computer science as my university degree at Kings College London where I developed a passion for software engineering.  

I started my career at a media software house where I learnt my technical chops as a Software Engineer, working with a broad set of programming languages including C, C++, tcl/tk, Java and web development. Moving into financial services, I worked in investment banking front office risk and profit & loss management, grid computing, data warehousing and regulatory reporting where I enjoyed the fast-paced delivery and the exposure to new and exciting technologies – and crucially the freedom to innovate. Throughout this period of my career, I found that small, talented, focused and happy teams were the most productive and building these teams was something I was good at. 

That brings me to REGnosys – where I started on Day 1 of the company – well – Day 0 if you count the pre-launch business planning sessions as a Software Engineer writing the first lines of code. As REGnosys quickly grew, I took the role of Chief Technology Officer in which I manage the tech side of the businesses and the excellent development team. 

What do you see as your main priority in your role?  

The main priority of my role is to provide technical oversight and maximise the productivity of the team by giving clear direction of what is needed in the short, medium, and long term. In the short them, I provide technical guidance to help unblock any obstacles or challenges that arise. In the medium term, I balance the technical projects and challenges with business value that will ultimately help REGnosys grow and enable our clients to be successful. In the longer term, it is about having a roadmap to produce software that will transform regulatory technology (RegTech) for the financial industry. 

Why did you choose to work at REGnosys? 

REGnosys gave me the opportunity to solve interesting problems in ways that had not previously been attempted. The start-up culture very much suited my skills and ability to deliver value quickly without the red tape often present in larger institutions. 

A day in the life: what’s your typical working day like?

Before the morning daily stand up, the team get together on zoom and have a friendly chat – usually nothing to do with work! This is followed by a 30 minute stand up and a list of team follow ups  After the follow ups, my day job starts! I split my time between writing code,  developing, implementing, and evaluating our technological resources and providing technical input on the business development of the company. 

What is a cool project that you’re working on now? 

Digital Regulatory Reporting (DRR) is an industry-led initiative aiming to transform the regulatory reporting landscape by aligning regulatory definitions with the technical code that executes them. Our Rosetta platform is the chosen technology to facilitate greater standardisation. One key aspect of Rosetta is to allow subject matter experts to express rules that can be interpreted by a computer whilst abstracting them from the complexities of software development. Rosetta’s low-code Domain-Specific Language is an active open-source solution to achieve this and (even if I say so myself) – is a cool piece of tech. 

What do you think are the biggest challenges facing financial institutions in this space right now?  

For over a decade now, financial institutions have been building their own “RegTech”, customised for their own systems. Regulations have come in all shapes and sizes meaning that each time a new one is introduced, the internal systems need to at best be adapted, and at worst – totally reconfigured. Across the financial sector, this has significantly increased operational complexity, creating high costs, risk of different interpretations and slow delivery.  

How has the reporting landscape evolved in the last 5 years and where do you see it going?  

We have already seen that regulators are taking the charge with active projects like the Financial Conduct Authority’s Data Collection Plan and The European Commission’s Machine Readable and Execution Reporting Requirements (MRER) proof-of-concept. At the centre of these initiatives are well-defined logical data models that bring a technical bias to regulatory rules, making them easier for technology organisations to absorb. 

The landscape is shifting to shared regulatory interpretation, with organisations like ISDA along with their members bringing the DRR project to full fruition by 2024. 

REGnosys in 5 years: where do you see yourself and the company then? 

As REGnosys goes through the start-up journey, I see the company seeking out new challenges beyond just post-trade reporting and applying the same passion and innovation to solving new problems. 

A message to your younger self: tips for success in the industry

Every problem has a solution. Sometimes, the solution is to change your perspective of the problem. Step back, write it down, draw a picture and solution will present itself.

Reporting Audit

First, map your data into CDM...

We have it covered it. All it takes is a +/- 2-day immersion workshop with your tech team to build your mappings.
As a by-product, you get a ready-to-use API to convert all your trade data

… And access your audit results on-line…

Once your trade data have been mapped, our reporting engine compares its output to your reports and analyses any discrepancy.
Analysis is developed within 6 weeks and results published into a web application.

… Through a powerful user interface

Forget static audit reports that end-up on a shelf.
Our reporting engine is available on-demand to reconcile your reporting process end-to-end and down to single trade flow, through a fully interactive interface.
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CDM Integration

We do the data mappings for you…

Just extract transaction data from your booking, reporting or any other systems, we handle the rest.
We build mappings in immersion with your tech team, as a packaged +/- 2-day workshop that includes valuable CDM training – and is fun (yes, really)!

… And deliver you a packaged output…

Forget data mapping spreadsheets and forget hard-coded translation buried deep into your code base.
What you get is a transparent, maintainable CDM translation dictionary, automatically packaged into an API to translate your internal trade messages.

… Which you can start using right away

Start using the API for testing right away. For production deployment, we offer a range of hosting options that adapt to your technology stack.
The application grows with you. Just edit your dictionary to connect more and more systems to CDM.
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Model-Driven Regulation

Bring-on the regulatory text…

Can be anything in your existing corpus, as long as it’s digestible and relatively self-contained.
The target is to deconstruct that text and reconstruct a model of the regulation in +/- 2 days.

… We’ll handle the rest…

Our team of regulatory and engineering experts works in immersion with you and guide the process from start to finish.
Our promise: some executable code running by the end of the workshop, delivered to you and ready for demonstration.

… And you’re ready to develop rules on your own

All it takes is a cross-functional team, ideally all-encompassing from policy to technology, who is open to a fresh (and fun!) approach.
The buck doesn’t stop there. Your team is now empowered to carry that project forward inside your organisation.
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Data Modelling

Take an existing data pipeline of any form…

Just choose among your existing business processes to experiment a model-driven approach in +/- 2 days.​
We can start from any kind of artefact, from XML messages down to Excel or even PDF documents.

… To demonstrate the model-driven approach…

Our team of data engineering experts works in immersion with you and guide the process from start to finish.​
Our promise: some executable data pipeline running based on your model by the end of the workshop.

… Which you can deploy within your organisation

All it takes is a cross-functional team of developers and non-developers, who is open to a fresh (and fun!) approach.​
The buck doesn’t stop there. That team is now empowered to carry that project forward and build model-based pipelines for your organisation.
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