The data-driven future of regulation

Digital Regulatory Reporting is poised to effect revolutionary change to the process of regulation as well as the compliance role in coming years, reports Neasa MacErlean.

In ten or 15 years’ time compliance teams will be markedly smaller than they are now. Fewer of the remaining staff will be lawyers; more will be data and computer scientists. Rule changes from regulators will be modelled on IT systems and, in most cases, introduced overnight. Consultations running over a month will be rare.