With the use of the latest technologies and tools, it brings benefits of innovation in regulation.
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, it is RegTech alone that can keep pace with new regulatory laws and give ongoing support of compliance. Being in a specialized service sector, we offer risk management solutions tailored to industries and jurisdictions.
RegTech ensures organizations keep up with regulations and compliance requirements in real-time, bringing the benefits of innovation in the compliance & regulatory landscape. Risk management, enhanced customer experience, and appropriate recommendations are some of the myriad benefits of implementing RegTech solutions. Organizations lower regulation overheads, get higher ROIs, and heighten investor confidence, creating a differentiator in a competitive environment.
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 monitor the current state of compliance against upcoming regulations, as well as real-time compliance. This risk-based approach of compliance by design identifies regulatory risk through data analytics and systemic issues in human processes. By taking a holistic approach to compliance, companies can promptly identify risk and upgrade and implement governances policies. 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 are transforming how organizations manage their Risk and Fraud 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. Similarly, solutions like AI/ML-based fraud prevention, and real-time compliance monitoring can be leveraged to reduce fraud.
Our business and technical team understands the importance of proper requirement gathering in order 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, like GRC platforms, can improve Compliance and Risk teams’ efficiencies by multiples. The right GRC can help Risk and Compliance teams manage their obligations by linking internal controls together in one place and providing visibility 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 upstream of both point solutions and workflow management tools, situated right at the very beginning of the compliance process. 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. In short, these solutions treat the vast troves of regulatory documents as big data and, by running that data through an AI, turn it into knowledge.
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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