Introduction | Awards Categories | Judges | Submission Process | Enter the Awards | FAQ | 2020 Winners

AWARDS CATEGORIES

Category A: Best Solutions

Within this category, we look at three broad areas in which financial institutions leverage technology solutions to meet regulatory demands and stay compliant: Institutional Resilience and Integrity; Financial Crime Compliance; and Markets and Infrastructure.

Solutions will be assessed on multiple criteria, including the ease and speed of implementation, flexibility, robustness, scalability, transparency, technical support, cost, and return on investment for end clients.

Depending on the number and diversity of submissions received, some categories may be split off into subcategories and evaluated separately based on the specific regulatory requirements being addressed, and the types of firms providing solutions.

A1: Institutional Resilience and Integrity

This category will recognise modelling and stress-testing solutions that help financial institutions manage risk and ensure adequate levels of capital and liquidity are available to meet regulatory and operational requirements. Given ongoing challenges to ensure adequate data quality and processing power is available for modelling and stress-testing functions, special attention will be paid to solutions that make it possible for banks to manage data appropriately, expand the scenarios they can model, and increase the number of stress tests that can be performed in a given timeframe. Solutions that can model and stress-test long run climate-related impacts will also be considered.
This category will recognise solutions that help buy-side firms construct portfolios, manage market risk, and perform analytics and stress testing. Solutions should be able to incorporate a broad array of risk factors, metrics and scenarios - allowing for deep analysis and insights, including for assets with low liquidity and data availability. Solutions should also allow for frequent analysis and monitoring of risk and performance to ensure firms are able to react quickly to market changes and ensure risk management and regulatory requirements continue to be met.
This category will recognise solutions which may leverage sound data management practices, alternative sources of data, predictive analytics, in memory processing and machine learning to facilitate credit risk modelling for financial institutions. Given the ongoing economic uncertainties amid the pandemic, and the potential for default and insolvency risks to still emerge as support measures wind down over time, a key focus for the judging panel will be on solutions that incorporate early warning indicators and triggers so that quick action can be taken by lenders before value is lost. Solutions that can speed up the decision making process will also be carefully considered.
This category will recognise technology solutions and services that enable financial institutions to remain compliant with regulatory reporting obligations. Our judging panel will look at robustness, adaptability, transparency, and flexibility, as well as the solution’s ability to integrate source data from disparate systems, reconcile and validate the data, and generate reports in fulfilment of regulatory requirements. In this category, solutions that cater to different types of reporting requirements (e.g. tax reporting, trade reporting, STR reporting) will be considered separately.
This category will recognise platforms, solutions or services that are able to monitor for changing regulatory requirements, assist in making regulatory change decisions, and help financial institutions to organise around and plan for future compliance deadlines. Our judging panel will also be interested to assess solutions that help financial institutions manage end-to-end workflows as required to achieve implementation. The solution should place emphasis on work flow traceability and the availability of corresponding reporting capabilities to ensure senior managers and other stakeholders can be kept apprised of implementation progress.
This category will recognise services and solutions which help to keep a financial institution's operations going even in times of business disruption. Such solutions may be used to help financial institutions evaluate and mitigate technology risk, performing monitoring to ensure detection of any disruption, design business continuity plans, or respond to events such as cyberattacks, natural disasters or breaches caused by third-party vendors. The judging panel will also look for solutions with capabilities that allow financial institutions to notify and assign tasks to relevant stakeholders in the event of a disruption as well as track progress as the situation unfolds.
This category will recognise solutions that are able to use advanced datasets, analytics and other technologies to help financial institutions detect and measure conduct risk levels within their organisations. Such tools should be able to help identify drivers of employee behaviour and related conduct risks so that this can be evidenced to senior managers, boards, regulators, and other interested stakeholders as needed to drive change and culture enhancements. The judging panel will focus on solutions that emphasise quantitative metrics and can help financial institutions manage risk, inform decision-making, measure performance and track progress over time.

A2: Financial Crime Compliance

This category will recognise solutions that reliably ensure a speedy, frictionless and efficient customer onboarding process without sacrificing on KYC and AML/CTF compliance obligations. Such solutions should incorporate screening and risk scoring components to ensure new customers that present higher risk can be detected with ease. They should also be able to perform ongoing reviews to periodically assess the risks of existing customer relationships, taking into account corporate structures, beneficial ownership identification, sanctions and PEPs lists, adverse media, and other factors commonly required by regulators in customer risk assessments. Our judging panel will pay regard to solutions that can enhance regulatory compliance, operational efficiency, time to revenue and client experience.
This category will recognise solutions that can reliably verify, authenticate and manage the identities of users, devices and/or applications in a way that helps to mitigate fraud risk, improve user experience and reduce breach exposure. Solutions may also provide document authentication, device assessment, biometrics, liveness testing, and analytics capabilities. Given the sensitivity of personal data involved in identity management, solutions should adequately address concerns related to cybersecurity and data privacy, paying regard to regulatory requirements.
This category will recognise services and solutions enable effective due diligence when needed to perform a review of customers, suppliers and third parties to identify red flags and enable quality investigations. Solutions should be able to provide due diligence reports quickly and have strong protections in place to safeguard sensitive information. Due diligence reports should take into account corporate structures, beneficial ownership identification, sanctions and PEPs lists, adverse media, and other factors commonly required in due diligence reports. Due diligence solutions that can supply information on ESG-related factors and green crime risk will also be considered.
This category will recognise solutions which can help financial institutions take their customers through the entire client journey, starting with digital onboarding and account opening. Solutions should be able to provide an integrated and complete view of client information across multiple business lines, helping to centralise client relationships, products, communications and activities, while also streamlining compliance-related workflows and enabling efficient document management. The judges also place emphasis on KYC and AML/CTF compliance, operational efficiency and client experience.
This category will recognise technology solutions which help financial institutions detect money laundering and terrorist financing risks, leveraging modern technologies in automation, data analytics, and AI/machine learning to enhance efficiency and effectiveness. Our judging panel will look for solutions that are able to pool data from disparate sources, apply advanced analytics, reduce false positives, and detect real threats. Comprehensive solutions should offer capabilities in sanctions screening, transaction monitoring, adverse media screening, risk profiling, and advanced analytics - and performing these tasks with speed and accuracy.
This category will recognise solutions that provide financial institutions a defence against the risks of dealing with PEPs and sanctioned individuals and entities. The judges will look for solutions which incorporate comprehensive datasets, reflect updates to global PEPs and sanctions lists in a timely manner, and can perform batch screening against existing customer relationships in an efficient and effective manner, based on a financial institution's risk tolerance and desired fuzzy matching thresholds. Special attention will be paid to solutions that are able to address the high false positives commonly associated with PEPs and sanctions screening.
This category will recognise solutions which are able to continuously monitor user and device behaviour, identify suspicious activity, and halt potentially fraudulent transactions in real-time and at scale. The judges will look for solutions use rules-based decision engines that can be configured to match a financial institution's risk tolerance and thresholds. Solutions should also be able to apply advanced fraud analytics and AI/machine learning to identify common and emerging fraud patterns, while allowing financial institutions to increase operational efficiency and minimise fraud losses.
This category will recognise services and solutions that help financial institutions to mitigate the threat of a cyber-attack which could impair their ability to operate or put at risk customer and employee data, sensitive financial details, or trade secrets. Solutions may address any or all of the five functions of a complete cybersecurity framework: Identify, Protect, Detect, Respond, and Recover. The judging panel will consider in-house solutions, outsourced solutions, and SaaS solutions that focus ensuring cyber resilience.
This category will recognise solutions that help digital asset exchanges, custodians and other ecosystem stakeholders in complying with AML/CTF requirements by providing capabilities for KYC and due diligence checks, sanctions screening, transaction monitoring, suspicious activity reporting, VASP screening, travel rule compliance and/or blockchain analytics. The judging panel will also consider solutions that have assisted law enforcement and other government agencies in blockchain-related investigations involving fraud, financial crime or cybercrime.

A3: Markets and Infrastructure

This category will recognise solutions that can detect and prevent market abuse and misconduct, while helping licensed capital market intermediaries and their representatives remain compliant with regulatory obligations. The judging panel will consider solutions that offer capabilities in trade surveillance, communications surveillance, conflicts of interests management, personal account dealings surveillance, or any combination of tools that can help guard against capital market abuse.
This category will recognise services and solutions that help financial institutions transition to RFRs in preparation for the discontinuation of LIBOR and other IBORs. The judging panel will consider solutions that help financial institutions with portfolio and impact analysis, RFR analytics, transition workflows, customer remediation and contract repapering, system changes, advanced modelling, or other regulatory, tax and accounting issues related to the transition.
This category will recognise services and solutions that help financial institutions prepare for compliance with phase 5 and 6 of UMR. The judging panel will consider solutions that help to digitise and automate derivatives contract repapering, customise negotiations of custodial agreements, optimise collateral management, perform margin calculations, or handle other regulatory, tax and accounting issues related to initial margin compliance.
This category will recognise data solutions that help financial institutions to obtain accurate and complete information about financial instruments and their issuers, including security identifiers, terms and conditions, corporate actions, entity linkages and ownership data, identification information and other datasets. The judging panel will look for providers whose datasets comprehensively cover global markets and asset classes.
This category will recognise ESG data providers that help facilitate investment and lending decisions by financial institutions, and help them to manage risks stemming from ESG-related issues. The judging panel will look to understand the quality, reliability, breadth and granularity of data - and its ability to help financial institutions identify material and relevant ESG risks in credit and investment portfolios.
This category will recognise solutions which help financial institutions comply with disclosure obligations across jurisdictions associated with major shareholdings, short selling and position reporting thresholds. Solutions should provide workflow automation for monitoring holdings against thresholds and automated report generation, while allowing flexibility for aggregation and disaggregation of holdings in group structures. The judging panel will look for solutions that can quickly adapt to new reporting thresholds and rule changes.
This category will recognise solutions which help financial institutions with pre- and post-trade reporting and data reconciliation across asset classes and jurisdictions. The judges will look for solutions which can help to enrich a firm’s in-house data to meet completeness, accuracy and timeliness standards required by regulators, while offering certainty on trade reporting workflows, including to address post-reporting error clean-up and reconciliation.
This category will recognise solutions that help financial institutions to maximise automation of operations related to corporate actions. Solutions should provide financial institutions proactive controls which can ensure that all relevant updates are captured, formatted and delivered to the relevant stakeholders in a timely manner. The judges will look for solutions which reduce risk of failure, improve operational efficiency and enhance client services.

Category B: Outstanding Projects

Within this category, we will recognise how specific financial institutions or services providers are applying innovative techniques or technology solutions to address specific regulatory requirements, focusing on project implementations that deliver value in a way that sets them apart from industry peers. Firms of any type or size can submit projects completed in the Asia Pacific region within the past 12-18 months.

The judges will consider the scope and complexity of projects, cost-effectiveness, process efficiency, and the overall results when assessing submissions.

In addition, we have introduced four new awards aimed at recognising industry initiatives that stand out as being particularly unique or innovative in their approach to dealing with regulatory and compliance challenges.

This category will recognise collaborative projects that feature participation from multiple financial industry stakeholders and have a common objective aimed at addressing regulatory and compliance challenges. Objectives may be achieved through the development of new technology platforms, industry practices, common standards or other initiatives - providing ultimate benifits to the industry as a whole.
This category will recognise RegTech initiatives that stand out as being particularly unique or innovative in their approach to dealing with regulatory and compliance challenges. The judging panel will look for specific, measurable outcomes from the initiative that can demonstrate its success.
This category will recognise SupTech initiatives that stand out as being particularly unique or innovative in their approach to dealing with supervisory challenges faced by regulators. The judging panel will look for specific, measurable outcomes from the initiative that can demonstrate its success.
This category will recognise projects and initiatives undertaken by any APAC regulator that leverage innovative approaches to dealing with long-standing industry challenges and make it easier for industry participants to comply with regulatory requirements. The judging panel will look for specific, measurable outcomes from the project that can demonstrate its success.

Category C: RegTech Awards

Within this category, we will recognise firms that are playing a leading role in developing new and emerging technologies, using them in unique and innovative ways to help financial institutions meet regulatory requirements. This category will focus on the application of technology itself rather than the specific use case – provided that the technology is used to help financial institutions achieve regulatory compliance objectives.

This category will recognise technology firms that have successfully used AI/machine learning to meet regulatory requirements such as those relating to AML/CTF, credit risk analysis, fraud detection and conduct surveillance, among other use cases. This award will focus on the application of technology itself rather than the specific use case - provided that the technology is used to help financial institutions achieve regulatory compliance objectives.
This category will recognise technology firms that have successfully used data analytics and visualisation tools to enable financial institutions to gain deeper and actionable insights from large quantities of data and address specific regulatory requirements, such as in AML/CTF, fraud detection, risk management and network analytics, among other use cases. This award will focus on the application of technology itself rather than the specific use case - provided that the technology is used to help financial institutions achieve regulatory compliance objectives.
This category will recognise technology firms that have successfully used distributed ledger technology to achieve compliance with specific regulatory requirements (e.g. KYC processes, AML/CTF compliance, data management, regulatory reporting, etc.) or to enhance financial market infrastructures (e.g. payments, asset tokenisation, bond issuance). This award will focus on the application of technology itself rather than the specific use case - provided that the technology is used to help financial institutions achieve regulatory compliance objectives.
This category will recognise technology firms that have successfully used trust tech or privacy tech to enable information sharing by financial institutions while still ensuring security and privacy of data, such as to facilitate AML/CTF monitoring and screening, network analytics and credit risk analysis, among other regulatory use cases. This award will focus on the application of technology itself rather than the specific use case - provided that the technology is used to help financial institutions achieve regulatory compliance objectives.

Category D: Industry Awards

Within this category, we will seek to recognise regulators, market infrastructures, exchanges, and service providers that help the financial industry comply with regulatory requirements.

This category will recognise FMIs (financial market infrastructures) responsible for providing clearing, settlement and recording of monetary and other financial transactions - including payment systems, CSDs, securities settlement systems, CCPs and trade repositories. The judging panel will look for FMIs that have demonstrated leadership in initiatives aimed at modernising industry practices, enhancing overall efficiency and transparency, reducing cost and minimising financial system risks.
This category will recognise exchanges that demonstrate market leadership, a sustainable competitive advantage, an innovative culture, and a commitment to sustainability and ESG initiatives. Market growth, cost efficient operations, fair market access and transparency will also be key considerations in this category. The judging panel will also look for exchanges undertaking efforts to modernise industry practices, enhance overall efficiency and minimise financial system risks. Exchanges in developed and emerging markets may be considered separately.
This category will recognise data providers whose services help to ensure financial institutions are able to remain compliant with regulatory requirements. Services may include the provision of access to data relating to reference data, market data, product data, credit data, watchlists, or other risk intelligence databases. The judging panel will pay close attention to comprehensiveness of data, ease of access, and the costs to financial institutions, against comparable alternatives.
This category will recognise law firms that have assisted and directed financial institutions in their handling of regulatory and enforcement matters, which may involve complex or multi-jurisdictional regulatory issues. Efforts by law firms to communicate with regulators and lobby on behalf of financial institutions will also be an important consideration. Client testimonials and case studies will be considered, as well as published articles, white papers and media citations. Specialist or boutique law firms may be considered separately.
This category will recognise consulting firms that have assisted and directed financial institutions in their handling of specific regulatory issues, or advised on or facilitated implementation of regulatory projects. The judging panel will look for specific, measurable and successful outcomes. Client testimonials and case studies will be considered, as well as published articles, white papers and media citations. Specialist or boutique consulting firms may be considered separately.
This category will recognise firms that specialise in the provision of compliance training programmes that seek to raise awareness and understanding of regulatory requirements, while also fostering a strong compliance culture and mindset. The judging panel will look for firms that use innovative techniques and tools to facilitate learning. and can demonstrate strong uptake of compliance training and measurable results.
This category will recognise firms which help financial institutions understand and comply with their legal and regulatory obligations, such as in areas relating to licensing, business structure, governance, risk management or other functions which require specialist expertise to commence or maintain operations in the financial sector. The judging panel will look for firms that are able to demonstrate outcomes-based success of services provided.
This category will recognise industry associations within the risk, regulatory and compliance space that can demonstrate a commitment to enhancing financial system integrity, developing better practices and industry standards, and easing the regulatory burden for financial institutions. The judging panel will also look for associations with a focus on educating and connecting industry professionals through engagement, while also promoting harmonisation of regulatory requirements and standards across jurisdictions.

 Category E: Ones to Watch

Within this category, we will recognise new and emerging start-ups and solutions that are pioneering innovative applications of technology to meet regulatory requirements, but are either in an early stage of industry adoption or have a relatively new product or solution.

Companies awarded in this category will be decided by our judging panel and editorial team based on the submissions received in the other awards categories. Additional submissions are not required to participate in this category.

Introduction | Awards Categories | Judges | Submission Process | Enter the Awards | FAQ | 2020 Winners

To Top
Share via
Copy link
Powered by Social Snap