Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

An IoT and Blockchain-based Approach for Ensuring Transparency and Accountability in Regulatory Compliance

Regulatory compliance is an essential exercise in the modern societies confirming safety and prevention of harm to consumers. Despite many efforts from international and national quality control authorities, transparency and accountability in regulatory compliance remain a challenging technical-legal problem sitting atop a heavy reliance on trust. This paper presents a theoretical model of regulatory compliance aiming at improving accountability for systems and data audit and introduces a higher degree of transparency in management and quality control. It explores the technical aspects of two emerging technologies the Internet of Things (IoT) and Blockchain, and using a common use-case in practice shows how to better align these technologies with legal concerns and trust in regulatory compliance

Compliance within a regulatory framework in implementing public road construction projects

© 2018 by the author(s). The construction industry faces a lack of compliance with policy that in Uganda public road construction projects affects the attainment of Government goals and disrupts infrastructure project delivery. For decades, public entities have been known for a lack of compliance that manifest in: poor performance, poor personnel management, poor resource utilization and unprofessionalism. In Uganda, this has resulted in several restructures aimed at improving service delivery. Despite this, compliance remains an issue. The purpose of this study is to establish factors affecting compliance within a public procurement regulatory framework in public road construction projects and foster economic development. A cross-sectional research design including a structured self-administered questionnaire survey and PLS-SEM data analysis by SmartPLS3 was conducted. The research reveals that three factors positively affect compliance with a regulatory framework that govern public road construction projects; sanctions on staff, inefficiency of the public procurement regulatory framework and contractors’ resistance to non-compliance. While a further three factors have little positive effect on compliance; familiarity, monitoring activities and professionalism. Hence, the research contributes to construction management by showing that sanctions, perceived inefficiency and contractors’ resistance significantly enhance compliance within a public procurement regulatory framework

Quality Assurance Services

The Nevada System of Higher Education (NSHE) Quality Assurance (QA) Program provides a full range of affordable QA services including records management, document and data control, training, and auditing. The program was regularly audited by the United States Department of Energy (DOE) to ensure strict compliance to regulatory requirements for nuclear facilities. The NSHE QA Program is staffed by knowledgeable professionals who specialize in assisting smaller organizations who have no previous quality assurance experience

Firm compliance to regulatory enforcement of industrial wastewater standards in Kenya

Regulatory enforcement and industrial non-compliance are very familiar issues in environmental protectlon and water resource management. Current thinking recognizes the insufficiency of the traditional regulatory enforcement structures that are based orthodox deterrence theory. There are, therefore increasing shlfts among some industrialized countrles towards "new regulatory reglmes" that focus on management styles, and forms of selfregulation, based on innovatlve and incentive devlce. However, the orthodox instruments remain the principie means for regulatory enforcement among many developing countries. Our goal in this paper ¡s to examine the effects of these (traditional) regulatory enforcement instruments on firm' compliance to wastewater standards in Kenya. We (i) examine the state of wastewater regulatory compliance and infractlons; (ii) construct and estímate a model of enforcement incidence based on monitorlng, inspections, warning letters, and court prosecutions; and (iii) discuss the linkages in the enforcement framework, and behaviour of firms). We use primary and secondary data from 53 industrial plants across 5 urban areas. The results of our model help us to identify flaws In the existing regulatory and enforcement "reglme"

The Effect of Enterprise Risk Management and Compliance Practices on The Firm Performance of Indonesian Banking Companies

Enterprise Risk Management (ERM) practices are particularly crucial in this industry to ensure stability and compliance with regulatory requirements. This study examines the effect of ERM on a firm’s operational and financial performances by using two mediating variables of compliance practices and IT strategy. By using a quantitative approach, data was collected through purposive random sampling from 250 bank managers in Jabodetabek, Indonesia. The study found that ERM was found to influence financial and operational performance positively and significantly. Moreover, compliance practices positively and significantly affect both financial and operational performance. IT strategy also has a positive and significant impact on firm performance. In testing the mediating effect, IT strategy partially mediates the relationship between ERM and performance, as do compliance practices. These findings highlight the importance of ERM, IT strategy, and compliance practices in enhancing the performance of banking companies in Indonesia. The findings validate the increasing importance of risk management in the financial landscape in Indonesia. The recognition of the banking sector's complexity and vulnerability to diverse risk types, including credit, market, operational, and regulatory risks, underscores the critical role of risk management practices. Keywords: enterprise risk management, compliance practices, it strategy, financial performance, operational performanc

Nevada Risk Assessment/Management Program – Phase 2 (NRAMP2): Quarterly Progress Report July 1, 2007 through September 30, 2007

Work conducted in this 4th quarter consisted of 3 major activities: • Continue the receipt and reconciliation of Area 5 Radioactive Waste Management Site (RWMS) inventory data. • Receive, review, install, calibrate, and run the Goldsim Area 5 Performance Assessment (PA) Model, and review the supporting parameters and assumptions in the 93-document reference set as a tool for regulatory compliance and closure assessment. • Identify, review, and compare the interpretation of pertinent regulatory guidelines and orders by DOE sites in compliance for PA, Compliance Assessment (CA), and closure activities - as they may relate to the Nevada Test Site (NTS) Area 5 PA and closure activities (focus on exposure assumptions and parameters)

THE ACTIVITIES OF THE COURT OF JUSTICE AND DOCUMENT MANAGEMENT IN LATVIA

The Court is a publicly important institution. Ensuring the maintenance, preservation and quality of data management of its documents is a priority for the courts, as documentation of court orders is one of the most important conditions for the proper organization of court proceedings in accordance with the procedural norms of the legislation in force. One of the prerequisites for efficient document management in an institution is document management based on the requirements of quality management and regulatory enactments. This can be ensured by consistent compliance with regulatory requirements of the quality management syste

Regtech, Compliance and Technology Judgement Rule

This Article focuses on the rise of Financial Technology, which revolutionized consumer financial service products, and challenged policymakers with regulating the rapidly evolving financial industry. In particular, it explores Regulatory Technology, also known as RegTech, which is the finance industry’s use of technology, especially information technology, in the context of regulatory monitoring, reporting and compliance. RegTech is designed to solve industry needs for a more effective and efficient way to automate corporate governance and compliance processes. Not only has FinTech proven to be a vital revenue source, especially in connection with lending or money transmission services, but it also helps entities cut costs, promotes good corporate practice in compliance management and enhances desired regulatory compliance outcomes. In particular, RegTech does this by enabling businesses to: automate ordinary compliance tasks, reduce operational risks associated with compliance obligations, enable compliance functions to make informed risk choices based on data provided insight, and create cost-effectives solutions to problems. Those solutions ensure that companies are up to date with the latest regulatory changes, minimize the likelihood of human error, and increase the overall governance process. Additionally, RegTech can prove valuable especially in identity management, risk management, and security, including from a corporate governance perspective, such as in cyber whistleblower or Bug Bounty programs. Nevertheless, this article argues that RegTech is not a panacea for all corporate governance challenges. First, there are certain barriers to the adoption of RegTech. Second, RegTech alone cannot extirpate undesired and unethical business practices, or resolve ethical issues resulting from corporate culture. Moreover, technology can be used by businesses to evade regulations and frustrate regulators, a phenomenon referred to as anti-RegTech. Third, technology can hinder good judgment and human input in the governance and risk management decision processes, which operate based on opaque programmed reasoning that is often biased and reflects altered interpretations of the law. Fourth, given the high stakes, financial institutions must be careful when partnering with third party firms, and include regulators in the conversation before entering into such partnerships, especially given the increasing cyber risks. Lastly, many of the RegTech’s automation and efficiency gains have been offset by the costs of expanded regulatory requirements, such as the increasing number of information requests from regulators

Identity principles in the digital age: a closer view

Identity and its management is now an integral part of web-based services and applications. It is also a live political issue that has captured the interest of organisations, businesses and society generally. As identity management systems assume functionally equivalent roles, their significance for privacy cannot be underestimated. The Centre for Democracy and Technology has recently released a draft version of what it regards as key privacy principles for identity management in the digital age. This paper will provide an overview of the key benchmarks identified by the CDT. The focus of this paper is to explore how best the Data Protection legislation can be said to provide a framework which best maintains a proper balance between 'identity' conscious technology and an individual's expectation of privacy to personal and sensitive data. The central argument will be that increased compliance with the key principles is not only appropriate for a distributed privacy environment but will go some way towards creating a space for various stakeholders to reach consensus applicable to existing and new information communication technologies. The conclusion is that securing compliance with the legislation will prove to be the biggest governance challenge. Standard setting and norms will go some way to ease the need for centralised regulatory oversight