The New York Department of Financial Services (NYDFS), the financial and digital currency regulator for the state of New York, appears to be to developing regulatory technology (Regtech) solutions in order to enhance its existing oversight and supervising capabilities.
The NYDFS is reportedly looking for a director to help the regulator design, implement, and oversee a program to handle the testing of various Regtech solutions that could potentially improve its oversight capabilities, which include those involving various regulated entities.
The ideal job candidate would be motivated to take guidance and inspiration from other regulators agencies’ Regtech-focused initiatives, including those being developed by the Bank of England (BoE), the NYDFS confirmed.
The BoE, the UK’s reserve bank, has been formulating a Regtech strategy “to improve its efficiency and effectiveness as a regulator.”
The BoE noted recently that regulatory reporting and oversight costs the nation’s banking sector at least £2 – £4.5 billion (appr. $2.6 to $5.9 billion) annually. Because of such high costs, the UK’s central bank says it is working cooperatively with the Financial Conduct Authority (FCA) and industry participants to reduce costs and enhance the efficiency of operations.
BoE officials also mentioned that it has been testing various approaches, including different proofs of concept (PoC) in key areas including natural language processing (NLP) and machine-readable rules and guidelines.
The NYDFS appears to be creating something that seems to be somewhat similar. The regulator’s job posting notes that suitable candidates must have prior experience and expertise related to innovation methodologies including tech sprints, hackathons, PoC testing, accelerators, and incubators.
The ideal candidate must also have previous professional experience related to the supervisory or oversight responsibilities of regulatory officials, such as examinations and other types of methods used by authorities to ensure that companies are adhering to relevant operational guidelines.
The closing or final date for submitting applications for the job is December 30, 2019.