Increasingly, regulators and the regulated, are embracing the ideology that technology can work for them to alleviate the pressure of the constantly evolving regulatory landscape. This new openness has led to the emergence of “RegTech”.
Much like FinTech did a few years ago for financial services technology, RegTech marries technology and regulatory compliance functionality to implement more efficient processes. And by leveraging RegTech solutions and their core benefits – data centricity, speed and agility – regulatory compliance can be transformed.
Soon, data-driven monitoring and machine-readable filings will be seen as strategic objectives for controlling compliance costs, mitigating operational risks and eliminating errors from manual workflows.
But data on its own is just data – if you can’t transform it, analyse it, and consume it – it is like an untapped energy source. It is the information that comes from data that matters. Harnessing new disruptive RegTech solutions enables your data to finally work for you, not the other way around. It is not about completely changing your operational processes; it is about doing more with what you already have – data.
View our infographic to learn more about Regulatory Reporting: Then and Now.