In this edition of Humans of Globe magazine, we had the privilege of interviewing Diana Paredes, CEO and Co-Founder of Suade Labs. As a pioneer in regulatory technology (RegTech), Diana’s expertise and innovative spirit have revolutionized how financial institutions approach compliance.
Below are the excerpts from the interview!
Could you share a brief personal story or pivotal moment that led you to pioneer Suade’s mission in regulatory technology.
I began my professional journey in investment banking at Barclays and Merrill Lynch. During this time, I observed firsthand the challenges banks faced in staying compliant with the myriad of regulations imposed on them. This experience led me to question if there was a more efficient way to manage these regulatory obligations through technology.
Motivated by this idea, I co-founded Suade Labs in 2014. Our mission is to streamline the regulatory compliance process for financial institutions, leveraging technology to demystify regulations and enhance both accuracy and efficiency.
Since launching Suade, we have been committed to alleviating the burdens of regulatory reporting for our clients worldwide. Our solutions are designed to transform regulatory compliance from a daunting task into a manageable one, providing clear, concise, and actionable insights. Our work has made a significant difference for many in the financial sector, turning regulatory reporting into a less cumbersome aspect of their operations.
Suade specializes in regulatory reporting and technology solutions. Can you shed light on the inspiration behind Suade’s focus on regulatory technology?
The inspiration for Suade’s focus on regulatory technology comes from the 2008 global financial crisis. This event led to a flood of new regulations to prevent future financial issues, highlighting the need for better technology and data access in financial institutions. As the world started to recover, it was clear there was a chance to do things differently and make a positive change in the sector
At that time, financial institutions were still using outdated technology and traditional services for compliance and risk management. These old systems couldn’t keep up with the fast changes in regulations, showing a clear gap in the market for innovation. We saw an opportunity to bring next-generation RegTech solutions to these institutions, using modern technology and data standards.
I loved working in finance, but my passion was really in innovation — I wanted to challenge the usual ways and create forward-thinking solutions for the financial industry based on a strong idea I believed in.
How does Suade’s platform streamline regulatory processes and assist financial institutions in ensuring compliance?
Suade is dedicated to simplifying the complex landscape of regulatory compliance for financial institutions with our cutting-edge Regulation-as-a-Service solution. We offer a comprehensive suite that centralises key elements of regulatory compliance, including capital, financial, liquidity, and statistical reporting.
At the heart of Suade’s innovation is our dynamic regulatory reporting data model, FIRE, designed for rapid data integration. FIRE simplifies the data management process by quickly ingesting data and mapping essential data attributes to a variety of regulatory reports. This approach allows Suade to automatically generate much of the necessary regulatory and report-specific data.
In what ways does Suade support clients in adapting to evolving regulatory requirements?
Suade embraces a dynamic approach to software development, integrating continuous deployment and integration with an agile philosophy. This approach ensures our product is always at the cutting edge, keeping our clients updated with the latest system enhancements and regulatory changes.
Can you share success stories where Suade’s data-driven approach has significantly benefited clients in meeting regulatory obligations?
Suade’s data-driven approach has revolutionised how our clients tackle regulatory obligations, turning complex challenges into success stories of innovation and efficiency. A standout example is our collaboration with a Global Systemically Important Bank (G-SIB) on the Monetary Authority of Singapore (MAS) reporting project.
What sets Suade apart in the realm of regulatory technology?
Suade stands out in the regulatory technology landscape for several compelling reasons. Our comprehensive solution offers an all-inclusive annual fee covering full support, updates, and access to an extensive API library. We pride ourselves on adaptability, catering to financial institutions of all sizes—from challenger banks to Global Systemically Important Banks (G-SIBs)—with a solution that manages the entire regulatory reporting process end-to-end, unlike competitors who cover only segments and often rely on external consultants. Our platform is deployment agnostic, offering seamless operation both on-premise and in the cloud.
Can you share any compelling stories of how Suade has facilitated notable improvements in regulatory compliance for its clients?
One of the compelling success stories of Suade’s impact on regulatory compliance involves a Canadian bank that faced significant challenges in adhering to complex regulatory requirements. The bank needed a robust solution for Risk-Weighted Assets (RWA) Calculations under both the Standardized and Internal Ratings-Based (IRB) approaches, Leverage Ratio Calculations, Pillar 3 Disclosure Reports related to Capital RWA, and the Office of the Superintendent of Financial Institutions (OSFI) Basel Capital Adequacy Reporting (BCAR).
Highlight Suade’s global presence and collaborations. How does Suade cater to the unique regulatory landscapes of different regions?
Suade currently covers all Pan-European Prudential reporting as well as local statistical returns for various countries in Europe. Suade also provide reporting for several countries in Asia (e.g. Singapore) and North America (US, Canada). Suade’s development practice leveraging machine learning allows us to quickly and accurately (usually 80-90%) develop a large proportion of the report quickly before having to manually adjust and test in order to bring it up to 100%. This means that we can develop and add new reports at a significantly faster rate than the other companies that provide this service.
We have found that in bringing Suade to new jurisdictions we have been able to reuse around 95% of the existing data attributes in FIRE without any adjustment.
