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RegTech is the use of technology to enhance risk and compliance processes for the financial services industry. Financial institutions that adopt RegTech gain a competitive edge with increased agility in risk and compliance processes and line of business operations.
Regulatory Technology commonly referred to as “RegTech” is a subset of FinTech which uses information technology to enhance regulatory monitoring, reporting, and other compliance processes for the financial services industry. RegTech solution providers often concentrate on digitizing manual compliance processes, but RegTech has much more to offer financial institutions by enhancing the financial institutions overall agility and competitive edge.
RegTech solutions help multiple people in all levels of the enterprise at financial institutions.
Risk and Compliance Professionals
People that work in risk management and compliance functions at financial services firms use RegTech to improve activities like regulatory monitoring, change management, auditing, and compliance reporting. This group may include Chief Compliance Officers, Chief Risk Officers, General Counsel, Regulatory Change Managers, among others.
Line of Business Professionals
People that are responsible for managing alignment with policies and controls or that design new products at financial institutions benefit from RegTech solutions. Some people will use the RegTech solution directly. For example, they may be included in a workflow process to track that required changes have been made to business processes to achieve regulatory compliance.
Other people may not use the RegTech solution, but will benefit anyway. They may receive more timely and relevant regulatory updates from the risk and compliance team because of the RegTech solution. In addition, when the risk and compliance team uses RegTech, it frees up time for the team to collaborate with the lines of business to design new products that align with regulatory requirements.
The executives and board members of financial services firm benefit from their organization’s partnership with RegTech solution providers because the solutions apply technologies that help to mitigate the risk of non-compliance. Depending on the severity of the issues, non-compliance at financial institutions may result in serious legal and reputational concerns for executives. Compliance.ai is the RegTech solution mitigates the risk of non-compliance by automating manual processes, monitoring the regulatory environment for updates, using machine learning with human oversight to automatically interpret regulatory content, and delivering reports that provide confidence as to the compliance status of the financial services firm.
Replace disjointed, manual processes with one automated tool that allows you to manage team activities, workflows and seamlessly integrates into your existing GRC software.
Simplify and streamline complex processes – and say goodbye to spreadsheets – with intelligent workflows, shared folders, and automatic task assignments based on new regulatory changes and deadlines.
Monitor updates, delegate tasks, track notes and comments, and manage team activities – no email or spreadsheets required.
Connect the dots between compliance activities, risk assessments and policy management with seamless integration into your existing software systems.
Get Started With RegTech
To see how a RegTech solution like Compliance.ai can help your team streamline complex compliance activities and workflows to foster collaboration, transparency and trust across all stakeholders, schedule a demo of this award-winning SaaS platform, designed to better manage regulatory change.Schedule a Demo