Company:Suade Labs

From HandWiki
Suade Labs
TypePrivate
IndustryRegulatory Technology
FoundedAugust 2014; 9 years ago (2014-08) in London, England
FoundersDiana Paredes, Murat Abur
Headquarters
London, England
Websitesuade.org

Suade Labs is a London-based RegTech firm. The company provides financial institutions with a software platform of Regulation-as-a-Service (RaaS)[1] solutions that process large volumes of granular data and produce regulatory data, calculations, risk data and risk reports[2] to ensure continuous compliance with prudential regulations[3]. It is one of the first start-ups to be classified as a regulatory technology (RegTech) company[4].

History

Suade Labs was founded in 2014[5] by two former bankers, Diana Paredes and Murat Abur, to make it easier, less costly and more efficient to maintain compliance with the set of regulatory reforms that have emerged in financial markets since the financial crisis of 2007-2008[6]. Financial institutions have incurred costs reaching into the billions when implementing regulatory reforms since the financial crisis[7].

At the time of the financial crisis, Diana Paredes, Suade Labs’ Chief Executive Officer, worked on the trading floor at Merril Lynch. Diana Paredes explains that her experiences had a profound effect on her[8]. Murat Abur, Suade’s Chief Technology Officer, also had a career in banking with roles at Nomura and elsewhere before co-founding Suade[9]. Their combined experiences inspired Paredes and Abur to develop technology for regulators and the financial services industry to prevent the next financial crisis[10].

In 2020, Suade closed its Series A Financing Round. The investors included Glenn Hutchins[11].

In 2020, William (Bill) Coen joined Suade as its Chief Regulatory Adviser[12] following his departure from the Basel Committee on Banking Supervision where he worked as Deputy Secretary General from 2007 until 2014 and as Secretary General from 2014 until 2019[13] overseeing the development and implementation of the Basel III reforms[14].

Operations

Suade Labs supplies its RaaS software platform to a wide variety of financial institutions including building societies[15], regional and national banks[16] and global systemically important banks[17] among others.

Suade Labs engages with a number of strategic industry partners including Spire Strategy[18], PA Consulting[19], Infinium[20] and SEI[21] among others.

Suade Labs has operations in Europe, North America and Asia-Pacific with offices in the UK, France and Singapore[22].

Projects

In 2015, Suade was awarded European Union grant funding through the Open Data Incubator Europe for its work on open platform financial regulation[23]. This project led to the development of the data standard FIRE which defines a common specification for granular regulatory data. Contributions to FIRE are licensed under the open-source licence Apache 2.0, thus permitting widespread, open use of the FIRE data standard across the financial services industry[24].

In 2019, Suade Labs was recognised as a Technology Pioneer by the World Economic Forum[25] and subsequently graduated to the Global Innovators Community in 2020[26]. Suade contributes to multiple projects across various platforms and networks, including Shaping the Future of Financial and Monetary Systems, Shaping the Future of Technology Governance: Artificial Intelligence and Machine Learning[27] and the Global Futures Council on Agile Governance through the Suade CEO, Diana Paredes[28].

In 2020, Suade Labs was involved in a press conference on ‘How To Implement Responsible AI’ alongside Brad Smith, President of Microsoft, S Iswaran of the Government of Singapore and Kay Firth-Butterfield, Head of AI and Machine Learning at the World Economic Forum[29]. The press release event was held at the World Economic Forum’s annual event at Davos in 2020 following the publication of the Government of Singapore’s Model Artificial Intelligence Governance Framework Second Edition to which Suade was a contributor[30].

In 2019, Suade Labs provided technical support to PA Consulting which had been consulted by the Financial Conduct Authority and the Bank of England to work on their Digital Regulatory Reporting (DRR) initiative[31]. The DRR initiative aims to improve the accuracy, efficiency and consistency of the regulatory reporting process. Suade Labs provided technical expertise in regulatory reporting and data to support the initiative[32].

In 2020, Suade Labs partnered with SWIFT on a project as part of the G20 TechSprint organised by the Bank for International Settlements' Innovation Hub and the Saudi Presidency[33]. The team were shortlisted for their solution[34]. The project focused on transforming liquidity reporting to “give regulators an automated, near real-time view over institutions’ liquidity positions and the wider picture in the market, all while improving efficiencies in the regulatory reporting process”[35].

Accolades, public engagements and publications

Since its founding in 2014, Suade Labs has won several accolades. These include being listed among the FinTech 50 2016 list unveiled at Money 20/20[36] and among the 50 hottest FinTech firms in Europe in 2017[37].

Suade Labs has contributed thought leadership on a range of topics. Examples include an article on ‘Why financial institutions need a master data strategy as a starting point for a RegTech strategy’[38], a book chapter entitled ‘Disclosures and market discipline: the promise of RegTech’[39] and a range of articles in the EUROFI Magazine on ‘Basel IV, Common Data Standards and Artificial Intelligence’[40] and on ‘GDPR and the opportunity for technology to put a value on personal data’[41].

Suade Labs also frequently contributes to speaking events around the globe. Examples include regular presentations at Sibos on topics such as ‘COVID-19 recovery: having a master data strategy in financial services’,[42] at the Singapore FinTech Festival on ‘Has COVID-19 led to an increase in RegTech demand?’[43] and at Shift Money 2019 on ‘Why your data quality problems are not your user’s fault’[44].

References

  1. ↑ "Regtech" (in en). 2020-12-08. http://suade.org/regtech/. 
  2. ↑ "Diana Paredes: RegTech overcomes resistance" (in en). https://smithandwilliamson.com/en/insights/regtech-overcomes-resistance-enterprise-issue-23/. 
  3. ↑ "REGTECH: Exploring Solutions for Regulatory Challenges". October 2015. https://www.iif.com/Portals/0/Files/content/Innovation/10_01_2015_regtech_exploring_solutions.pdf. 
  4. ↑ "Driving the RegTech Revolution | Avantage Reply" (in en). https://www.reply.com/avantage-reply/en/newsroom/events/driving-the-regtech-revolution-event. 
  5. ↑ "Suade - Crunchbase Company Profile & Funding" (in en). https://www.crunchbase.com/organization/suade-2. 
  6. ↑ "Best Fintech" (in en). 2017-11-07. https://www.creditdonkey.com/fintech.html. 
  7. ↑ "REGTECH: Exploring Solutions for Regulatory Challenges". October 2015. https://www.iif.com/Portals/0/Files/content/Innovation/10_01_2015_regtech_exploring_solutions.pdf. 
  8. ↑ Nast, Condé. "What is regtech? The latest wave of startups hitting the fintech industry" (in en-GB). Wired UK. ISSN 1357-0978. https://www.wired.co.uk/article/regtech-next-fintech. 
  9. ↑ Arnold, Martin (2016-10-14). "Market grows for 'regtech', or AI for regulation" (in en-GB). https://www.ft.com/content/fd80ac50-7383-11e6-bf48-b372cdb1043a. 
  10. ↑ "RegTech for regulators, a toolbox helping to prevent the next financial crisis" (in en-US). https://fintechcircle.com/insights/regtech-regulators-toolbox-learning-prevent-next-financial-crisis/. 
  11. ↑ "Investment in Suade Labs by North Island Family Office" (in en). https://www.bdo.co.uk/en-gb/deals/deal/investment-in-suade-labs-by-north-island-family-office. 
  12. ↑ "Bill Coen" (in en-US). https://www.asifma.org/speakers/bill-coen-2/. 
  13. ↑ "IFRS - Bill Coen". https://www.ifrs.org/groups/ifrs-advisory-council/profiles/bill-coen/. 
  14. ↑ (in en) William Coen appointed as the next Secretary General of the Basel Committee. 2014-04-23. https://www.bis.org/press/p140423.htm. 
  15. ↑ "Regtech Suade Labs Adds Mansfield Building Society to its Client Portfolio, Company to Use Suade's Reporting Tools" (in en-US). 2021-07-09. https://www.crowdfundinsider.com/2021/07/177659-regtech-suade-labs-adds-mansfield-building-society-to-its-client-portfolio-company-to-use-suades-reporting-tools/. 
  16. ↑ "Innovation through regulatory technology" (in en). https://www.icaew.com/technical/financial-services/financial-services-faculty/fs-focus-magazine/previous-editions-of-fs-focus/fs-focus-2019-issues/november-2019/innovation-through-regulatory-technology. 
  17. ↑ "Santander joins Suade in the RegTech revolution" (in en). 2018-01-01. http://suade.org/learn/santander-fintech/. 
  18. ↑ "Suade Labs and Spire Strategy Announce Partnership". 9 March 2020. https://www.spire-strategy.com/wp-content/uploads/2020/03/Partnership-Suade-Labs-Spire-Strategy.pdf. 
  19. ↑ "PA Consulting supports FCA and Bank of England" (in en). 2020-09-29. https://www.consultancy.uk/news/25679/pa-consulting-supports-fca-and-bank-of-england. 
  20. ↑ "Suade and Infinium Partnership" (in en). 2020-06-26. http://suade.org/learn/infinium/. 
  21. ↑ "SEI forms relationship with RegTech startup Suade" (in en). 2016-11-30. https://www.finextra.com/pressarticle/67252/sei-forms-relationship-with-regtech-startup-suade. 
  22. ↑ "Suade Labs supports FCA and Bank of England to revolutionise regulatory reporting". 25 September 2020. https://suade.org/content/images/files/Suade%20Supports%20Regulator%20to%20Revolutionise%20Reg%20Reporting.pdf. 
  23. ↑ "Winners of the third ODINE call announced : ODINE". https://opendataincubator.eu/winners-of-the-third-odine-call-announced/. 
  24. ↑ "Highlights from ODINE's 3rd Cohort : ODINE". https://opendataincubator.eu/highlights-from-odines-3rd-cohort/. 
  25. ↑ "Suade Recognised as World Economic Forum Technology Pioneer!" (in en). 2018-06-21. http://suade.org/learn/world-economic-forum/. 
  26. ↑ "Global Innovators" (in en). https://www.weforum.org/about/global-innovators/. 
  27. ↑ "Suade" (in en). https://www.weforum.org/organizations/suade-labs/. 
  28. ↑ "Diana Paredes" (in en). https://www.weforum.org/people/diana-paredes/. 
  29. ↑ (in en) 'How To Implement Responsible AI' Press Conference - World Economic Forum Annual Meeting in Davos, https://www.youtube.com/watch?v=iHIUJco4HG4, retrieved 2021-09-08 
  30. ↑ "Model Artificial Intelligence Governance Framework Second Edition". 21 January 2020. https://www.pdpc.gov.sg/-/media/Files/PDPC/PDF-Files/Resource-for-Organisation/AI/SGModelAIGovFramework2.pdf. 
  31. ↑ "Digital regulatory reporting. A review of phases 1 and 2 of the digital regulatory reporting initiative". September 2020. https://www2.paconsulting.com/rs/526-HZE-833/images/DRR-Report-Sept-2020.pdf. 
  32. ↑ "Digital regulatory reporting. A review of phases 1 and 2 of the digital regulatory reporting initiative". September 2020. https://www2.paconsulting.com/rs/526-HZE-833/images/DRR-Report-Sept-2020.pdf. 
  33. ↑ "Transforming liquidity reporting: A case study in collaboration" (in en). 2020-09-25. https://www.swift.com/news-events/news/transforming-liquidity-reporting-case-study-collaboration. 
  34. ↑ (in en) Saudi G20 Presidency and BIS Innovation Hub update on the progress made in the G20 TechSprint initiative. 2020-08-10. https://www.bis.org/press/p200810.htm. 
  35. ↑ "Transforming liquidity reporting: A case study in collaboration" (in en). 2020-09-25. https://www.swift.com/news-events/news/transforming-liquidity-reporting-case-study-collaboration. 
  36. ↑ "UK firms dominate FinTech50 2016 list unveiled at Money20/20" (in en-GB). 2016-04-05. https://www.uktech.news/news/uk-firms-dominate-fintech50-2016-list-unveiled-at-money2020-20160405. 
  37. ↑ CNBC.com, Neil Ainger; special to (2017-06-07). "Here are the 50 hottest fintech firms in Europe right now" (in en). https://www.cnbc.com/2017/06/07/fintech50-list-here-are-the-50-hottest-fintech-firms-in-europe-right-now.html. 
  38. ↑ Abur, Murat; Murphy, Sarah (2019). "Why financial institutions need a master data strategy as a starting point for a RegTech strategy". Issue: 1 Journal of Financial Compliance Volume: 3: 7–12. 
  39. ↑ Abur, Murat; Dyck, Maximilian (2021). "Disclosures and market discipline: the promise of RegTech". in Coen, William. Regtech, Suptech and Beyond: Innovation in Financial Services. RiskBooks. https://riskbooks.com/regtech-suptech-and-beyond. 
  40. ↑ "Showing European solidarity and unity". The EUROFI Magazine: 161. April 2020. https://www.eurofi.net/wp-content/uploads/2020/04/views-the-eurofi-magazine_zagreb_april-2020.pdf. 
  41. ↑ "FINTECH AND DIGITALISATION". The EUROFI Magazine: 195. 2018. http://sofia2018.eurofi.net/wp-content/uploads/2018/04/V_FINTECH_AND_DIGITALISATION_EUROFI_VIEWS_SOFIA_2018.pdf#page=32. 
  42. ↑ (in en) Sibos 2020: COVID-19 recovery: having a master data strategy in financial services, https://www.youtube.com/watch?v=L6R2eJwRyWc, retrieved 2021-09-08 
  43. ↑ (in en) Has COVID-19 led to an increase in RegTech demand? | 11 May 2020, https://www.youtube.com/watch?v=VXqDEZrKbFc, retrieved 2021-09-08 
  44. ↑ "Watch Murat Abur Talk & Discussion Videos at Conferences | ConferenceCast.tv" (in en). https://www.conferencecast.tv/speaker-38325-murat-abur. 



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