SaaS Solution for Regulatory Change | Modern Solution for Banks
SaaS RegTech – The Modern Answer to Managing Regulations
The proliferation of SaaS-based solutions has provided firms with exponential value compared to their traditional software products. The benefits of SaaS include: instant access from anywhere to powerful tools, rapid onboarding, instant updates, and increased ROI.
A new group of SaaS-based products are tailored toward modernizing the regulatory space. Regulatory Technology or “RegTech” solution providers are focused on providing regulatory expertise and solving practical problems for compliance teams across industries. Some RegTech solutions apply the benefits of AI, machine learning and big data to address the needs of compliance teams tasked with managing the ever-changing demands of federal, state, local and international regulations.
Get More Out of Your Apps
Many of the solutions within the fast-growing sector of SaaS RegTech can work independently to address specific, critical problems, while also having the flexibility to plug into other risk-management applications, providing firms the benefits of a focused solution while eliminating or reducing the need to use multiple, sometimes overlapping products for the same tasks.
For example, think about how much Sharepoint and Confluence have evolved into one-stop portals for both various content and data management services and for distributing important corporate items including news updates, and so forth. SaaS RegTech can work the same way by integrating with other focused solutions on a common enterprise platform.
Another inherent value of SaaS RegTech is the ability for such solutions to consume massive amounts of data and produce actionable insights and trends over any period of time. For example, some solutions can reference a heat map that shows regulatory activity trends across agencies within the financial industry, or follow trends across financial institutions of similar asset classes. This degree of insight enables compliance professionals to have a bird’s eye view on relevant, industry-wide activity at both a macro or micro level.
The Ease of Automation
Additionally, SaaS technology enables us to move from manual and laborious tasks, which are slow and increase the chance of human error, to automation that results in faster access to more accurate information. Automation and speed means a process that would normally take several months can now take days or weeks.
Take for example a traditional GRC product: if a firm wanted to add a new topic to their coverage, it would require hiring a dedicated team of consultants and analysts. This generally takes a significant amount of both time and money. However, a lean SaaS RegTech company with a sophisticated foundation could expand coverage to include a new topic within days or weeks through AI and machine learning. In contrast, in the absence of automation and AI, the same process could take months to complete using the current manual methods.
Moreover, by using SaaS solutions, vendors can simply provide compliance updates to the tools remotely, rather than needing to replace a legacy system to be able to handle new requirements.
See how Compliance.ai streamlines your compliance management with its SaaS RegTech offering.