Innovation Challenges

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Financial Regulatory Change Management Process Intelligent System (closed)

Eastspring Investments
This challenge has closed.
Audience: Students, Researchers, Start-Ups, Businesses, Subject Matter Experts, Other
Anticipated Funding: SGD 20,000
Closing date: February 14, 2020
Last Updated: February 16, 2020 10:04 PM
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The Challenge

Eastspring Investments (“Eastspring”) is the asset management business of Prudential plc (UK) operating in Singapore since 1994 and in 12 markets across Asia. It offers equity, fixed income, multi asset, quantitative and alternative strategies to institutional and individual investors.

Eastspring operates in a highly regulated industry across multiple locations. It is thus crucial for the compfiance team to be aware of regulatory changes with the ability to respond and assure compliance across multiple jurisdictions.

Although Eastspring would like to be more proactive in how it manages regulatory change through its business and broader group, it is hampered by several factors:

  • Effective date of regulatory change is inconsistent
    • For mature markets like Singapore, MAS adopts a consultative approach to regulating the industry. MAS actively seeks feedback from market practitioners to help develop regulations that take into account market realities and industry practices. Consultation also helps to pre-empt implementation problems, minimise unintended consequences, and foster better industry understanding and support. The entire consultation period varies depending on various factors, such as complexity of the regulatory topics etc, and complex regulatory changes will be given transition periods.
    • While other markets may adopt a similar approach to Singapore, the final regulation could be announced with immediate effect, without any transition period.
  • Information on the change can come in various formats, including alerts, email and fax.
  • Currently, there are inefficiencies as to how Eastspring manages such regulatory changes, which include assessing new regulatory information, understanding and assessing its impact in Singapore as well as other jurisdictions. At present, managing such changes has the following limitations:
    • Is dependent on manual intervention.
    • Relies on the experience and skills of Compliance personnel to interpret and assess direct and indirect impacts, including within the nuance of different markets.
    • Relies on basic non-integrated digital tools such as spreadsheets and emails which could limit extent and timeliness of sharing of information across business units and jurisdictions.

Therefore, Eastspring hopes to find an innovative solution that can manage its regulatory risks more effectively and efficiently.

The Problem Statement

How might we more effectively and confidently scan the regulatory environment to identify change and assess its impact, and efficiently manage change to ensure compliance in our businesses across all the jurisdictions we operate in?

What They Are Looking For

  • A prototype solution that helps support regulatory change management process and reduces the time to understand the change and its possible impact across business units and jurisdictions.
  • The solution would need to:
    • Constantly scan the horizon for indicators of, or details of, regulatory changes.
    • Consolidate, and translate this into actionable intelligence for our teams to act upon, for example:
      • A Machine Learning or AI-driven mapping logic that identifies the touchpoints impacted (products, business units, processes, teams).
      • Assessment of variance across jurisdictions, for example, impact in Singapore versus in Taiwan.
      • Estimate the impact value, for example using a range of variables/logics
      • The timeframes involved.
  • Allow for ease of Iitegrating the regulatory changes with internal processes – for example, the horizon scan, actionable intelligence, impact assessment, business touchpoints, and be able to map equivalent requirements across jurisdictions.
  • Incorporate a digital workflow that manages the change process, including tracking/ reporting the process, ownership, tasks, time and communication that can be integrated with any pre-existing tools or applications.
  • Have the ability to plot equivalent requirements across jurisdictions.
  • Provide a forecasting tool that enables modelling of ongoing/ future impact of the change and emerging trends or insights – this could be at a macro (group) level, or at product level.
  • Ideally, these solution(s) exist in some form, demonstrating its capabilities and potential of applying the technology to our context.

There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the prototype needs to be demonstrated in Singapore.

Eligibility Criteria

You, (or any of your teammates, if you are participating in the Challenge as a team) must not be a current employee of (a) Eastspring or any of its affiliates within the Prudential plc group of companies, or (b) any other organisation who is involved in administering or organising the Challenge (including IMDA). 

For full details on this challenge please see the SG:D Open Innovation Platform website.

Terms and Conditions

For full details on this challenge please see the SG:D Open Innovation Platform website.

How to Apply

To apply for this challenge please see the SG:D Open Innovation Platform website.

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