Financial regulators throughout the world are grappling with the accelerating technological change that is transforming the industry they oversee and their own ways of operating. They are also recognizing that new technologies and data availability can help solve long-standing regulatory challenges that have always been hard to address with the traditional tools for supervising banks and monitoring financial markets.
In July 2019, AIR — the Alliance for Innovative Regulation — collaborated with the UK’s Financial Conduct Authority (FCA) to produce the first regulatory TechSprint in the U.S. The event was keynoted by FDIC Chairman Jelena Mc Williams, who also served as a judge. For some US regulatory agencies, this was their first exposure to the innovative TechSprint pioneered by the FCA in the United Kingdom.
AIR has subsequently organized additional TechSprints, and we have created this document to help and encourage regulators to conduct sprints of their own. The manual answers questions we often hear from agencies and others interested in producing a TechSprint. It offers an overview of our learnings, a step by step planning guide, and a sample project plan that outlines each sequential step in detail. It can be used as a “how-to” companion document for the FCA’s article on TechSprints.
AIR is also available to assist agencies in undertaking TechSprints on a consultative basis. If you would like more information on producing a TechSprint, please contact us.
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