EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey. The focus of the survey is on mapping and understanding the existing regtech solutions, identifying the main barriers and risks for use of regtech solutions, identifying potential ways to support the uptake of regtech across EU. A key aim of the survey is to inform the relevant future policy discussion. Response period for the survey ends on September 30, 2020, with EBA expecting to report on the use of regtech solutions in the first half of 2021.
Feedback from financial institutions and ICT third-party providers is essential to better understand the extent and the impact of the use of technology-enabled innovation (regtech) for regulatory, compliance, and reporting requirements by regulated institutions. To this end, EBA has prepared two separate regtech questionnaires for the survey. One is to be completed by the financial institutions and the other one by ICT third-party providers. Both questionnaires contain a general part that is aims to collect aggregate information on all types of regtech solutions in use and a more detailed part that aims to take a closer look at individual regtech solutions in the following areas of focus:
- Supervisory reporting
- Creditworthiness assessment
- Compliance with security requirements and standards (information security, cyber-security, and payment services)
- Monitoring of the business relationship and/or transaction monitoring with respect to anti-money laundering and combating the financing of terrorism
Results of this survey will be used to report on the current regtech landscape and, where relevant, will inform the broader work on supervisory reporting. However, the regtech industry survey will not lead to any specific policy considerations or recommendations regarding the use of regtech for supervisory reporting. The survey should be completed online, in accordance with the instructions available in the section of EBA website dedicated to the regtech industry survey. After the review of the responses, EBA may further investigate specific areas of regtech via follow-up interviews with financial institutions and ICT third-party providers. The responses to the survey will not be published on a stand-alone basis, but will be only referred to in an aggregate form, in compliance with confidentiality requirements.
Comment Due Date: September 30, 2020
Keywords: Europe, EU, Banking, Regtech, Cyber Risk, ICT, Third Party Providers, Reporting, AML/CFT, Credit Risk, EBA
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