eteridvalishvili commented 3 months ago

Regulation Innovation SIG

Date

July 23rd, 2024 - 12pm EST / 5pm BST

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[x] Convene & roll call (5mins)
[x] Display FINOS Antitrust Policy summary slide
[x] Review Meeting Notices (see above)
[x] Approve past meeting minutes
- [x] https://github.com/finos/open-regtech-sig/issues/73
[x] Proposed RegReporting Pilot - Ian Sloyan
[x] Data Architecture – The Value of Sharing Data Control Standards and Identifying Critical Data Elements - Kabir Rekhi
[x] Update on SSI Work - Ffion Acland, Goldman Sachs
[x] Discussion on the community's interest and desire to push the digital effort forward - Ffion Acland, Goldman Sachs
[x] AOB, Q&A & Adjourn (5mins)

Reg Reporting Pilot

This pilot aims to demonstrate how DRR and the CDM can be implemented on cloud technology. It will showcase the processing of trade events in CDM, running DRR rules on the data, and validating the outputs against trade repository or regulatory validation rules. The pilot will use open-source tools and technologies like Databricks and OpenShift.

Data Control Standards

This pilot will focus on standardizing data governance and control practices across the financial industry. It will address challenges like increased regulatory oversight, data lineage requirements, and the need for consistent control frameworks. The goal is to reduce operational risk and increase efficiency in regulatory compliance by establishing common definitions and processes for data controls.

[x] Individuals interested in participating in either pilot should contact the Regulation Innovation SIG email address.
[ ] Kabir will follow up with RBC internally to gather more information on SSI and data lineage practices.
[ ] The group will schedule offline conversations and a working group to discuss data control standards and lineage granularity in more detail.
[x] Ffion will follow up with her internal teams on the US T+1 settlement cycle and its impact on the need for a digital solution for SSI exchange.
[x] The group will revisit the topic of a digital solution for SSI exchange at the next meeting.