Fintech Startups: Navigating Compliance Obligations and Reg Expectations
Whether the fintech is focused on business to business (B2B) or business to consumer (B2C), a variety of legal and regulatory obligations and requirements will need to be built into the business DNA to ensure compliance and viability. In addition to a thorough mapping of all of the hard and soft requirements and expectations, proper consideration will be needed to ensure that the fintech’s management is able to effectively identify, measure, monitor, and control for various risks. How and when to engage with regulators is another important part of the process to ensure successful regulatory approvals that may be required, as well as pressure test the approach and level of control infrastructure. Particularly for B2B, a thorough understanding of what regulated partners, such as banks, will require in order to meet their own third party risk management obligations is also critical. Finally, understanding the non static nature of requirements, and thinking ahead to ensure appropriate flexibility of processes and monitoring of emerging expectations needs to be part of the approach.
About the Lecturer: Philip Aquilino, Leadership Council, FinTech4Good; Former EVP of TD Bank; MD of BCG and Principle of KPMG