There’s nothing like keeping your clients close and Allen & Overy’s tech accelerator Fuse has again given it the opportunity to do just that, as it welcomes the Financial Conduct Authority, Bank of England and a cohort of leading banks into its City premises as part of a regtech pilot.
The Digital Regulatory Reporting pilot involves the FCA and Bank of England looking at how technology could potentially improve the efficiency of the current regulatory reporting process. The pilot is investigating the feasibility of codifying some requirements to make them machine readable and machine executable, potentially making the legal terminology used today easier for humans and machines to understand.
The Digital Regulatory Reporting pilot project team includes representatives from Bank of England, FCA, Barclays, Credit Suisse, Lloyds Banking Group, Nationwide, NatWest, Santander. Together, they will be working in Fuse to consolidate the ideas currently being developed.
Shruti Ajitsaria, Head of Fuse, commented: “We are looking forward to welcoming the FCA and the Bank of England in to Fuse, so we can gain a deeper understanding of this innovative pilot. Fuse was created to give our lawyers and clients opportunities to touch, feel, and better understand the use of technology. Both A&O’s regulatory practice and our new consulting business look forward to building on our knowledge in this way.”
The pilot team will join Fuse on 15 October.