With about 70 RegTech firms identified globally in the Compliance category, Deloitte’s directory is a resource for firms looking to modernize their compliance program. In a separate post, Deloitte says that “modernization is no longer optional” and we couldn’t agree more. The demands from regulators will only continue to increase and organizations need to evolve their compliance and risk management programs to keep up with the growing pace of regulatory change and reporting.
In addition to Deloitte’s comprehensive report, Thomson Reuters published a white paper about how RegTech solutions are poised to respond to the demands of MiFID II, GDPR, FRTB and KYC. In the report they highlight the growth in adoption from last year, from 17% in 2016 to 30% in 2017, but they also outline several challenges. For example, RegTech companies should be prepared to integrate with existing legacy systems in place.
Needless to say, RegTech is paving the way for companies to more effectively manage growing regulatory and compliance demands. Technologies like AI and Machine Learning are being applied to simplify regulatory change management and improve understanding of regulatory documents.
Be sure to read Deloitte’s RegTech Universe post, and don’t miss their cool video about the RegTech Universe.
Thomson Reuters white paper from the RegTech Summit Report.
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