Description
The Regulation Innovation SIG will be a community of people interested in creating open source solutions for regulatory and compliance issues. Creating open source solutions to regulatory compliance is particularly important because the market is currently using custom-built, one-off solutions, that are expensive, inefficient, and costly to manage and update over time.
The proposed chair of the Regulation Innovation SIG will be Ian Hollowbread (ING) and initial sponsors will include AIR - the Alliance for Innovative Regulation, as well as representatives from 1-3 additional financial institutions. This SIG will be of particular importance to banks because of the cost and implementation of compliance is very expensive. The target audience will be compliance officers, and tech leaders responsible for compliance who are looking to create low-cost industry-wide scalable solutions.