Executive summary; scroll down for the programme
We are at “the ceiling of complexity” in the world of data flows for regulatory reporting purposes, because the lack of data standards means that central banks and regulators around the world are finding it increasingly difficult to cope with the mountains of data they need to process.
Furthermore, the lack of data standards and the lack of interoperability in the financial ecosystem as a whole is causing needless friction, which manifests as wasteful cost and complexity for all stakeholders.
The inconvenient truth is that it cannot go on like this.
But what can be done?
There are enormous benefits to be had through developing more and better data standards within the financial services sector.
Benefits include:
- Better data management
- Improved operational resilience
- Better risk management
- Greater transparency
- Lower operating costs
- Systemic simplification
- Better data security
- Better data integrity
- Better consumer outcomes; and so on.
However, the barriers to progress are high. There are technical challenges to be overcome and there is obviously the need for all stakeholders to adopt a highly collaborative mindset for there to be any real hope of significant progress.
What’s now needed is a substantial, strategic breakthrough that will enable a paradigm shift forward, to a new era of data standards.
Is that possible?
Based on our last meeting, we believe it is.
We’ve been busy assembling a highly talented, highly motivated and highly collaborative group of stakeholders from around the world who want to work towards “the common good.” They have tremendous subject-matter expertise but more importantly they “get the bigger picture.”
They have a wide range of perspectives, but are united in the desire to help drive transformational change in the data standards space, particularly as it relates to regulatory reporting. Ultimately, we believe that with sufficient collaboration it is going to be possible to bring about changes that can drive a paradigm shift into a new era.
This meeting is therefore ideally suited to individuals and organisations that are keen to explore what is now technically possible; and can authentically embrace the idea of enlightened self-interest and working collaboratively for the common good, whilst of course remaining loyal to their own agendas.
You can expect to be amongst progressively-minded and collaboratively-minded people.
On the basis that “progress begins with realism” we’ll be running the event as forum to enable everybody to “say it as they see it.”
We’ll be facilitating the kind of candid yet constructive discussion that is needed to help move matters forward. We don’t think any one person or organisation has all the answers’ and we also think that everybody’s suggested scions are worth listening to.
So, if you’ve got an opinion you’d like to share and are keen to benefit from the insights and experiences of others, this is definitely an event for you.