#regtechideas

[regtechie]

RegTech Report: Need For System Evolution.

Thus, the FCA’s definition of RegTech is incomplete, as it does not contemplate the other side of the RegTech coin: integrating technological innovation into both industry and regulators to increase efficiency and effectiveness. While RegTech is certainly a means to address process automation, it also represents a broader promise to encourage a ‘systems evolution’ or redesigning of the regulatory architecture including DFI, which may include anything from payment systems to shared reporting utilities. Furthermore, augmenting the role of regulators with a technology-friendly approach to regulation might help to reduce complexity, improve oversight, and allow for regulators to better monitor systemic and local risk in an increasingly data-driven world. https://new.innovatefinance.com/reports/future-regtech-regulators-adopting-holistic-approach-digital-era-regulator/

[regtechie]

Collaborations Key For RegTech Adoption.

While the RegTech concept is innovative in itself, many FIs are already pushing the envelope and utilising RegTech as part of more complex collaborations in order to achieve regulatory compliance. An example of this is mapping functional taxonomy to the language used by regulators – while overcoming any semantic disjuncts that may exist – resulting in a direct link between regulatory authorities and designated compliance practitioners.

“One of the great things about RegTech is that it works better with collaboration,” says Mr Burgess. “Obviously, if one firm is using a taxonomy to reduce the cost of onboarding a new regulation, it makes sense to involve others to ensure that this is being done correctly. This means that a number of firms will voluntarily give up their time to create an artefact that they can all use and pull their vendor ecosystems along with them. These types of solutions can provide great efficiencies if deployed correctly to ease the compliance burden.”

Implementation, as ever, is key. “Anyone who has implemented a software solution knows that perfect does not exist. But you need to figure out what your version of perfect looks like in terms of compliance, regulation and your specific situation,” advises Mr Creed. “Focusing on this will allow you to make the best of the resources you have, both from a technology and personnel standpoint. https://www.financierworldwide.com/the-future-of-regtech-a-skyrocketing-industry/#.WefKrZ9lDqA