The RegTech for Regulators Accelerator (R²A) Process: Giving Financial Authorities Superpowers
32 Pages Posted: 9 Oct 2018 Last revised: 17 Oct 2018
Date Written: August 31, 2018
The purpose of this working paper is to share the RegTech for Regulators Accelerator's (R2A) approach, process, and tools with financial authorities and other experts who aim to develop and test new RegTech and SupTech solutions for market oversight and policy analysis. The R²A approach draws on best practices from management and entrepreneurial consulting as well as from lessons learned by BFA during past engagements with both the public sector and the Fintech community. The R²A process employs lean design and innovative procurement methods to develop cutting-edge prototypes aimed at relieving specific pain points in financial regulation and supervision. That entails crafting new solutions around the idiosyncratic needs and circumstances of partner financial authorities, which can then be adapted to other jurisdictions in order to reach scale and create an off-the-shelf product.
Keywords: regtech, suptech, regtech2, regulatory technology, supervisory technology, supervision, procurement, central bank, innovation, artificial intelligence, machine learning, APIs, lean design, management, competition
JEL Classification: M13, G18
Suggested Citation: Suggested Citation