September 24, 2020
Estimated reading time: 2 minutes
The RegTech Report: CUBE CEO Ben Richmond lists his 3 essentials for RegTech implementation
CUBE founder and CEO, Ben Richmond, recently joined Alyne CEO and founder, Karl Viertel, in The RegTech Report. In this extract, Ben explains how leadership is imperative to successfully implementing RegTech at scale.
Leadership, leadership, leadership. It has to be. My experience in implementing large-scale RegTech programmes over the last ten years is that you have to have the leadership.
This is a great point actually, so much is focussed on ‘we want to achieve this new capability, we want to get this product implemented’. This whole new world of RegTech offers so much opportunity that actually sometimes the thought isn’t given to ‘what does this mean, operationally in BAU’ and how do we now build our go forward operating models around those. I think that is crucial.
It’s all very well saying to the customer ‘OK great you’ve got this new capability’, but if they haven’t now established the framework and processes to leverage that and run that in the right way in BAU mode, then it’s not going to continue to deliver the value.
So, I think, having really thought through the operational requirements and processes and procedures on how to run this new capability is all important. And again, that’s about moving people up the value chain and saying ‘right, now the process runs this way and the machine does these things and now we can bring the people in to validate, review, spot-check, sign off on’. But they’re at the 20% end of the curve not the 80%.