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Software risk and compliance round-up: August


Estimated reading time: 2.5 minutes

Here is QA Financial’s monthly review of new developments and initiatives in compliance and regulation that affect the management of software at financial firms.

UK’s Investment Association publishes guidance on resilience

The UK’s Investment Association, a  trade body that represents investment managers, has published guidance for members on operational resilience and managing third party risk. 

The report provides an overview of the regulatory framework in which investment managers must operate, highlighting the significance of the EU’s Digital Operational Resilience Act (DORA) among recent regulatory initiatives. The report then goes on to outline a regulatory framework for third-party risk management in the context of operational resilience and identifies six key steps firms should take.

Full article available here.


Hyperproof raises $40 million funding for compliance and risk management platform

Hyperproof, the Washington-headquartered compliance and risk management platform specialist launched in 2018, has announced that it has raised $40 million in funding in a second round, taking its total funding to $66.5 million.

Commenting on the announcement, Hyperproof co-founder and CEO, Craig Unger [pictured] said:  “Although there’s been an economic slowdown, the pace of regulatory agencies passing new laws and ratifying new compliance regimes has only accelerated”… “For that reason, the compliance industry remains one of the more resilient industries in the tech space and is capturing significant investment and driving important innovation.”

HKMA announces roadmap to encourage Fintech adoption in the financial sector

The Hong Kong Monetary Authority (HKMA), the Hong Kong banking regulator, has announced a 12-month roadmap to promote the adoption of Fintech in the financial sector. The roadmap focuses on artificial intelligence, distributed ledger technology and green technologies.

As part of the roadmap, the HKMA announced a series of activities, including:

  • Establishing a Fintech knowledge hub.

  • Hosting more regular Fintech showcase events and roundtable discussions.

  • Organising Fintech training seminars.

Full details available here.


UK parliamentary committee calls for “greater urgency” in introducing AI regulation

The British parliament’s science, innovation and technology committee has called for “greater urgency” in the government’s introduction of AI regulation. In a statement the committee said the UK is falling behind other global regulators: “It’s [the UK government’s] proposed approach is already risking falling behind the pace of development of AI… This threat is made more acute by the efforts of other jurisdictions, principally the European Union and the United States, to set international standards.”

Full report available here.

[Image source: Hyperproof]

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Software risk and compliance round-up: July

Software risk and compliance round-up: June

Software risk and compliance round-up: May