Directors are feeling the heat as the number of them being investigated by the city watchdog doubles in just two years. It’s a clear signal from the regulator that if directors fail to take action on issues such as diversity, harassment, culture and governance, their jobs could be at risk.
Month: May 2019
Digital transformation is a phrase which has been thrown about pretty freely and while it has plenty of benefits for the financial sector, institutions can be forgiven for feeling a little nervous. They’ve seen plenty of people get it disastrously wrong over the past couple of years and now the regulators say they will be paying closer attention.
Waymark Tech has successfully secured grant funding from the Small Business Research Initiative (SBRI, part of Innovate UK).
Working in collaboration with Citizens Advice Scotland (CAS), Waymark Tech is developing an innovative technological solution to address the growing burden of keeping abreast of the vast amount of new and changed information that forms the basis of advice given by CAS Advisers. Building on Waymark’s proven AI technical capability, the project will develop state of the art horizon scanning functionality which will systematically ingest information from thousands of pages of source information in their entirety, then utilise unique Natural Language Processing (NLP) technology, specifically multi-document text summarisation, to create first drafts for the content writers to then review before publishing.
The solution will automate large parts of information analysis currently conducted manually, freeing up man power at CAS to focus on the value-add tasks of delivering faster, more accurate and up to date advice and enabling a wider and deeper reach to the service. Once developed and proven, the new solution has the potential to revolutionise and dramatically scale-up the offering of advice globally, in an efficient and cost-effective way.
Waymark Tech is a London based Reg-Tech and Sup-Tech firm. We develop and provide software services using advance AI and NLP for companies in highly regulated industries and advisory firms with clients facing complex regulatory demands, as well as public sector organisations involved in defining and monitoring regulations. For more information visit: https://waymark.tech
It’s no secret that the financial regulators have had their hands full with Brexit over the past year or so. But while much of the attention has been focused on surviving the coming apocalypse, thought is now beginning to turn to what comes next. According to Andrew Bailey in a recent speech setting out the FCA’s future approach, the future could be much ‘less burdensome’ than the present.