Keeping track of development and collaborating at the early stages of implementation is the best way to future proof for upcoming regulations
This year’s International Fund Management conference showcased two days of panels and presentations discussing changes in the regulatory landscape and their broader impact..
Roi Lustik-Cohen, CTO of Arkk Solutions, focused on how firms can keep track of the regulatory landscape to improve understanding, management, and compliance. Fund managers have a number of options when reviewing the business operating model in terms of how they manage reporting and data architecture. Deciding when and how to outsource is an on-going challenge in the ever-changing landscape of regulatory reporting.
There’s a tendency to focus heavily on the ‘what’ over the ‘how’ for managing regulatory compliance. RegTech is a rapidly growing market, and in-house experts will be able to provide all the information around the new requirements to prevent implementation becoming a burden. “The priority should be creating a process to suit a client’s existing internal requirements” says Roi; “Our ISO 27001 certification reassures clients that they’re working with a firm which values security, and will integrate with their specifications”.
For fund managers facing the MiFID II challenge, it’s often difficult to know when to bring vendors on board. Executing and implementing a new requirement will bring together a number of internal departments, and this will vary depending on a firm’s individual approach to reporting. Collaborating with service providers will help future proof against upcoming regulations, as in-house experts maintain direct relationships with the regulatory bodies.
Following 2016, the UK’s passporting access under AIFMD remains unclear, as does the future of the Dodd-Frank legislation and Form PF reporting. Utilising regulatory reporting experts creates the best solution for both parties. “We work in partnership with a client for new regulations” adds Roi. “They get first-hand insight into how the solution will work with the new requirements, and we get to see a practical application of the product as we build.”
In light of upcoming revisions to both Form PF and AIFMD reporting, it’s vital to have contact with regulatory experts who are already preparing for these changes.
To discuss your reporting requirements with the Arkk team, please get in touch.