25 research outputs found
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