Recommendations for the FCA and BoE's 2017 Model Driven & Machine Executable Regulations Tech Sprint
In November of 2017, the Financial Conduct Authority (FCA) and the Bank of England (BoE) enlisted experts within the UK Government and in the private sector and academia to create a proof of concept model to implement financial regulations in model-driven, machine executable form.
This white paper was prepared to evaluate the long-term feasibility of this approach and considers questions that evaluate success, such as:
- How easy is it to understand rules in the MDMER code base for non-subject matter experts?
- How easy is it to change and update the MDMER code base?
- How easy is error detection within the code base?
- How easy is it to differentiate between rules that should be applied in MDMER and the rules that require further human input?