Avoiding loopholes in regulatory reporting and making sure the right strategies are in place was the topic of a panel discussion at the Global RegTech Summit 2025 in London.
The panel was chaired and moderated by Leica Ison (The RegTech Association). Panelists included Avinash Shamdasani (bgc), Francesco de Rosa (Northern Trust), Callum Corr (Star Compliance) and Mark Burnal (The Man Group).
The moderator started the discussion by asking the panel about the key requirements of adequate regulatory reporting.
Shamdasani answered first and said regulatory reporting is about procedures. He explained that proper standardized procedures enable audit teams to pick up any potential risks and deal with them in a timely manner; de Rosa also insisted on the importance of good procedures and said firms should have the right people for key functions.
Corr said: “Being proactive is important. Sort it out before the regulator knocks on your door and asks for certain information. It is important to have clear roles and responsibilities.”
“You need a tech solution to deal with huge data sets. Work with your tech provider.”
Mark Burnal
The moderator then asked the panel about the role technology can play in reporting compliance and staying in the good books of the regulators.
Corr insisted that technology puts firms in a stronger position. Businesses can ask a tool for help and provide the required information to regulators. But he called for human supervision and said proving that the right decision was made is important.
Shamdasani said: “From a strategy perspective you have to see what kind of a solution fits your model. Do a market check on your technology vendors and see if what they offer is scalable. Choose the one which fits your needs best.”
Accountability and transparency
The discussion then moved on to discuss the challenge of accountability and transparency. The moderator asked the panel how firms were thinking about that?
When we speak of transparency, de Rosa said, everything leads to data. He highlighted three things that, according to him, were key for accountability and transparency.
- Data ownership: Owners should demonstrate sufficient control.
- Data knowledge: Do you also understand whats happening? People should speak to each other.
- Things change overtime: You need to make sure you have data upgrade programmes.
The moderator then asked about the human role in automation, and areas that the panel thinks should remain with humans.
Corr said if technology is the car then the compliance team has to be the driver. He insisted that humans should be in control because tech solutions are different and one size does not fit all. “Reporting requirements are different. Tech is there to provide transparency. But a human should decide how to use tech for bespoke clients,” he added.
Other panelists agreed that tech will take us pretty far, but that the human aspect is fundamentally important. They also explained that technology gets better with human interaction. They also advised that businesses should speak to their technology teams because 90% tech upgrades come from client feedback rather than the developers team.
Shamadsani added that advanced technologies such as AI will help us work easier but it won’t replace the human element in ensuring reporting compliance.
Regions, formats, deadlines
The next part of the discussion focussed on the challenge of reporting across different regions, and dealing with constant regulatory changes, varying formats and tight deadlines.
The waves of convergence and divergence were emphasised by de Rosa. He explained that one important angle is to find the common denominators across regulation. “The more you standardise the easier your job becomes,” he added.
Corr said: “Don’t panic when there is new regulation. Take a step back and find common denominators. It can be scary to have new regulation. Learn lessons from the past.”
The panel advised firms to look into what successful strategies they have in place already and what gaps they can fill. Sometimes it’s a matter of applying what’s already in place.
Burnal reminded everyone that everytime regulators say things are getting simpler, they are actually getting bigger, and firms have to deal with or handle more and more data.
“Understand your problem so you can find the best solution. Be on the look out for new things.”
Francesco de Rosa
“You need a tech solution to deal with huge data sets. Work with your tech provider. Come together and understand format requirements. Data needs to be standardised. Ensure smooth automated processes. Don’t add burden,” he said.
The panel also insisted on the importance of being ahead of the game. The overall advice to businesses was to understand when the new regulation was coming, to ask questions to understand the regulation.
According to the panel, the compliance sector is a tight-knit community. Firms and compliance officers should speak to their peers. They should see what others in the past have done well and where they have tripped.
Experts also warned that leaning too much on technology was dangerous, and that firms should play to their strengths and avoid silos. If there are multiple vendors then firms should co-relate tech and data across the board, and make sure that partners speak to each other.
Future outlook
AI was offering incredible solutions, de Rosa thought, in regulatory reporting and more and more firms were using it to ensure reporting compliance.
Shamdasani said a lot of organizations had to deal with changing regulations and that it was important that vendors talk to each other to develop technology for new and coming regulations. “Streamline things and have a centralised hub where all the new regulations come and sit. It’s important for ensuring quality,” he added.
And de Rosa mentioned the three levels of technological independence which were (1) execution on daily level, (2) independent implementation and (3) independent solution. “The more independent you can be the more issues you can detect. Ideally you want to be as much independent as you can when it comes to your tech solutions,” he said.
Burnal advised firms to collaborate and engage, and speak to people to ensure reporting compliance.
Corr said: “Do your homework. Pre-planning is fundamental. Keep an eye on what potentially is going to change,” while de Rosa said: “There are a lot of incredible vendors. Understand your problem so you can find the best solution. Be on the look out for new things. There are some extraordinary solutions coming. Procedures are important – take them seriously.”
Shamdsani rounded up the discussion by saying firms should make sure they are well-resourced, and should utilise conferences and networks.
“Stay close to your vendors as you will learn from them. They have a lot of knowledge and you should try to understand their products and solutions,” he added.
