Emerging technology can be leveraged to help financial firms be more efficient, reduce regulatory risk, and lower their overall compliance costs.
Regulatory Technology or RegTech, is the application of emerging technology to improve the way businesses manage regulatory compliance. Risk and Compliance teams have to keep their policies and procedures up to date on the latest regulations and requirements, but the regulatory landscape is moving at a superhuman pace. Rule changes have increased 500 percent in the last decade.
With over 750 global regulators and an average of 201 daily regulatory alerts, RegTech alone can keep pace with new regulatory laws and give ongoing compliance support. Being in a specialized service sector, we offer risk management solutions tailored to industries and jurisdictions.
RegTech has the dynamics to completely change the compliance effort to help in real-time analysis of the data for organizations. Advanced data analytics allows RegTech solutions to perform scenario analysis, regulatory ecosystem analysis, and real-time user engagement analysis across the globe thereby, helping organizations to proactively identify risks in real-time, converting them to potential opportunities.
Predictive analytics can assess the root causes of a regulatory breach and use this to predict future risk areas or compliance issues. Emerging technologies such as cloud computing and artificial intelligence can enhance the usefulness of RegTech solutions for efficient risk modeling and improved decision making.
RegTech solutions enable fast, accurate, end-to-end automated regulatory compliant solutions with flexible, future-proof solutions to easily comply with today’s and tomorrow’s standards.
RegTech solutions transform how organizations manage their risk by enabling more informed decisions – from regulatory change management to specific compliance processes, such as anti-money laundering, know your customer, conduct surveillance, and stress testing. RegTech solutions can support risk data aggregation for capital planning and liquidity reporting, modeling, scenario analysis, and forecasting for Risk Management
Our business and technical team understands the importance of proper requirement gathering to achieve the desired business results expected by our clients. Here are some industry segments that can greatly benefit from technology solutions today.
Point solutions focus on one particular regulatory compliance problem. For banks, this might mean automating their anti-money laundering efforts. For wealth managers, it might mean streamlining and automating the cumbersome processes of know-your-customer data collection and suitability analysis. And for asset managers, this could mean leveraging robotic process automation (RPA) to turn the laborious, manual production of the hundreds of disclosures they’re required to churn out annually into an automated process.
Workflow management solutions, such as Governance, Risk, and compliance (GRC) platforms, can improve risk and compliance management teams’ efficiencies by managing their obligations, linking internal controls together in one place, and providing transparency into processes and requirements. GRC platforms can also offer instant auditing and reporting tools to track activities in the case of an audit.
Knowledge automation solutions are positioned at the very beginning of the compliance chain. They offer the ability to leverage machine learning and NLP in the process of analyzing regulatory documents to identify which obligations apply to a business, automating one of the most onerous of compliance processes – regulatory change management.
Some challenges don’t require reinventing the wheel. We provide access to solutions that help your business tackle industry pains while optimizing in a seamless manner.
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Our digital identity management platform enables users to own, control and present their identity details, all while empowering service providers to securely validate and trust identity claims.