Linda Middleditch is Chief Product Officer, Regnology.
What was Regnology’s biggest accomplishment in 2024?
In 2024, Regnology launched its RGD (Regnology Granular Data), an integrated global data model designed to enhance regulatory reporting. RGD offers a harmonized, standardized approach to manage a bank’s entire dataset, facilitating prudential, statistical, and ad-hoc reporting at both supranational and national levels. By minimizing data provisioning efforts and ensuring consistency across various reporting areas and jurisdictions, RGD serves as the core of all Regnology solutions.
Designed specifically to meet emerging regulatory requirements such as IReF, and the full spectrum of financial regulatory reporting needs, RGD is revolutionizing the way institutions handle compliance. RGD eliminates redundancy by centralizing and streamlining data reporting processes. Its cloud-based infrastructure leverages AI-powered analytics and pattern recognition, enabling faster regulatory compliance and delivering significant cost savings.
Throughout 2024, Regnology leveraged the cloud and AI to enhance its comprehensive suite of regulatory reporting solutions. To close out the year, Regnology positioned itself for further growth with the acquisition of VERMEG’s regulatory reporting business, marking its eighth strategic acquisition and solidifying its position as a global leader in end-to-end regulatory reporting solutions.
What was the biggest story of 2024?
In 2024, several key trends emerged in the regulatory reporting landscape. First, as the theme of this year’s RegTech Convention, “TechReg – The Power to Transform”, we have seen the transformative potential of technology in regulatory reporting space and how the advancements in AI, hyperscale cloud technologies, and data governance can shift regulatory reporting from a reactive to a proactive approach. We have also seen that financial regulators globally have increased their emphasis on granular data reporting. All regulators either already have a granular data program in place or will have one imminently. Major initiatives like IReF in Europe, and similar programs in the UK, Canada, and Hong Kong, are leading the way. This trend is not limited to these regions; all regulators are moving towards granular data collection. The reason is clear: it provides regulators with more flexibility and the raw data needed to analyze situations as they arise, making it a logical and beneficial approach on many levels.
What do you anticipate will be the “big story” of 2025? What is a trend that too few people are paying attention to?
Regulatory data quality and standardization require greater attention. Many firms still have significant work to do, as clean data is essential for granular data collection and BCBS 239 compliance. Some firms are realizing the need to start data cleanup and adapt workflows in 2025 to meet upcoming deadlines. The delay in IReF does not stall this effort. The benefits of this include significant cost reductions. We are already seeing fines for data quality issues in reporting, with more expected. Banks must be prepared. Additionally, regulatory reporting in the US may undergo reviews and changes following the government transition.
