Regulatory Technology: Innovating Compliance and Your Business
Administrative consistence issues are the most concentrated and complex work that associations confront. Powerful administration of continuous regulatory effects and lessening consistence costs is top-of-mind. Organizations need to drive vital development while adequately and proficiently meeting administrative consistence commitments. (RegTech) or regulatory compliance automation serves to develop both front and back-office consistence exercises while driving business activities.
As Compliance costs continue to rise due to the complexity of local, state, federal and global regulations. As these costs increase and technology advances, companies seek more powerful technology solutions and more agile and automated processes to enhance customer service and to develop new products and services at a faster pace.
Companies can use RegTech across such areas as regulatory inventories and regulatory change processes, compliance risk assessment, monitoring and surveillance, data analytics (including the analysis of risk data) and reporting. By using these new technologies such as cognitive computing and machine learning, RegTech solutions can better automate processes and workflow while also organizing and finding meaningful patterns in the volumes of accessible data. This can ultimately enable better insights into regulatory practices, automating complex reporting and conducting meaningful analyses of critical compliance risk areas.
Many discussions of the importance of RegTech focus on its ability to answer immediate business needs, drive operational efficiencies and reduce costs in regulatory compliance and risk management. While many companies are already transforming their legacy technology systems, RegTech solutions implemented in key areas can have a further transformative impact on an organization’s technological readiness.
The benefits that RegTech can bring are clear: not only can these technologies help streamline, simplify and optimize the business processes required to meet regulatory standards and reduce associated costs, but also provide critical support for business growth, improve customer service delivery, and help organizations introduce new products and services to the market more quickly.