FCA published a report that explores the lessons learned from hosting of seven TechSprints across a range of subjects. The report also provides an evaluation of the TechSprint model and notes the areas in which FCA is working to further develop and improve the approach in the context of wider efforts to foster sustainable and desirable innovation in financial markets. Through case studies, the report illustrates key lessons learned and offers additional information and insights to help others that are thinking of adopting a similar approach.
In the spirit of collaboration, FCA is sharing its TechSprint insights, lessons learned, and best practices to support regulatory peers to undertake effective collaborative ideation and innovation efforts in their markets. The report covers all aspects of the FCA approach, including the types of problems a TechSprint can help to solve; key elements of hosting a TechSprint from participants, team structure, and event planning to technology, data, and communications; and ongoing challenges and efforts to progress the solutions that emerge from a TechSprint from Proof of Concept to Proof of Value. FCA believes that TechSprints are a successful tool, if used correctly, and can bring about rapid change by galvanizing cross-industry efforts. The report highlights that no fixed formula or blueprint can be applied and certain key components, when executed well, do deliver great results. The report highlights the following key TechSprint outcomes:
- Profound and rapid learning happens for regulators, firms, and others, on the application and impact of emerging technology.
- Signals regulatory interest on an issue requiring industry-wide collaboration to progress.
- The scale of the event impacts beyond the TechSprint, resulting in increased regulatory, academic, and market focus on a technology or issue.
- New partnerships and relationships are forged and powerful networks built across jurisdictions.
- The power of time-bound experimentation results in rapid development of prototype solutions. In time, these can be scaled and impact the market.
The report notes that FCA will continue to work toward providing ongoing support and tools to allow TechSprint solutions to move from ideation to production. FCA will continue to evangelize innovation as a potential solution to some of the most difficult and complex challenges facing the global financial industry and wider society. TechSprints are typically two-day events that bring together participants from across and outside of financial services to develop technology based ideas or proof of concepts to address specific industry challenges.
Keywords: Europe, UK, Banking, Securities, Pensions, Fintech, Regtech, TechSprint, Financial Innovation, Reporting, FCA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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