Hence the emergence of RegTech. Over the past five years, hundreds of start-ups have begun to apply digital technology – including APIs, artificial intelligence (AI) and robotic process automations (RPAs) – to the now numerous and burdensome tasks required to comply with regulations. RegTech promises not only to cut the cost of compliance processes but also to improve effectiveness to make them quicker and more reliable, reducing hassle for customers, and lessening the risk of costly compliance failures. But the potential of RegTech extends beyond making compliance more efficient. The data and analytic techniques that satisfy regulators’ demands can also deliver commercially valuable insights about customers and markets. Used properly, RegTech can become a source of competitive advantage.
RegTech is redefining the future for financial services. New digitisation technologies are changing the way risk management and regulatory compliance requirements are addressed and delivered. However for this to happen, collaboration across a number of actors is crucial, particularly across the banks, the regulators, the RegTech firms, and the large consultancies.Subas Roy, Partner , RegTech, Digital Risk & Compliance
Our video explains the growing importance of RegTech and how organisations can use digital technology to transform their risk and compliance function