During our webinar Transforming your regulatory response we covered three key topics Regtech, Risk as a Service and Risk Culture, exploring how mutuals can take a different response and use the power of partnering to address regulatory requirements in a different way.


Regtech

During our webinar, Deborah Young, CEO the RegTech Association discussed how mutuals can make the best use of regtech partnering opportunities, and allow both the mutual and the regtech partner to thrive.

Mutual banks can harness the power of regtech to respond to regulatory pressure in a more efficient and effective manner. The key drivers of Regtech adoption include:

  • Regulatory fines and reputational risk 
  • Digital transformation programs are responsible for more cloud-based services which helps enable RegTech solutions
  • Cost of compliance is increasing 

Risk as a Service (RaaS)

Craig Davis, Partner, Financial Risk Management presented our cloud-based managed service for integrated balance sheet risk management and reporting, Risk as a Service (RaaS).

Risk as a Service (RaaS) is a turnkey solution addressing challenges facing financial institutions in the risk and regulatory space, offering a cost-effective, end-to-end service that will deliver KPMG’s customised insights on a system that is built utilising industrial strength risk software and infrastructure solutions from our Global Alliance Partners SAS and Microsoft.


Risk culture

Kathleen Conner, Partner, Risk, Strategy & Technology spoke about APRA’s updated Corporate Plan examining the linkage to the Draft CPS 230 Operational Risk and the evolving approach to Risk Culture.

  • APRA’s updated Corporate Plan acknowledges the changing financial landscape and economic challenges. It’s message of ‘protected today’ and ‘prepared for tomorrow’ is key. It reinforces the need for good governance, risk culture, remuneration and accountability practices
  • APRA’s focus in recent years on operational resilience has been reiterated within the Plan and further reinforced with the release of Draft CPS230
  • FinTech’s and RegTechs can help to achieve an efficient, competitive, and stable financial system, with the potential to provide better outcomes for consumers and community, with caveat that associated risks need to be appropriately managed.

Contact our Mutual Banks team

KPMG's Mutuals Banks specialists can provide a demonstration of Risk as a Service and discuss RegTech options and ways to improve Risk Culture in your business.