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Compliance and RegTech: Using Technology to Comply with Regulatory Requirements
What is Regtech? Regtech is the application of technology to assist companies in complying with regulatory requirements. It helps companies prove compliance, save money and become more nimble in their operations.
Todd Moyer, executive vice president at Confluence, said that “a year ago, asset managers were struggling to cope with data challenges that new regulatory mandates created. It’s a challenge our industry has faced for several years. The conversations I’ve had in the last several months have been different. Firms are beginning to view RegTech as a way to reduce reporting timeframes well below regulatory-mandated deadlines, not just meet a minimum threshold. The industry has started to view this as a way to streamline business and improve their overall operating models. We definitely weren’t having those types of conversations in 2015.”
Deloitte said in its Financial Markets Regulatory Outlook that “just like everything else in the digital age, regtech is evolving rapidly. The post-crisis increase in both regulatory requirements and supervisory scrutiny means financial services firms are spending ever increasing amounts of money and resources to manage their compliance risk. The imperative to reduce compliance costs will make it essential for firms to turn to new technologies to achieve efficient controls and value for money.”
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[…] A year ago we reported the growing importance of Regtech, the application of technology to more efficiently and cost effectively prove and manage regulatory compliance. Deloitte describes the Regtech field as “nimble, configurable, easy to integrate, reliable, secure and cost-effective” regulatory solutions. […]