In common man’s term, RegTech means Regulatory Technology. It is the technology solution that is helping with compliance, risk management in the financial world. It especially works with encompassing Best Interest Duty like know your client duties or anti-money laundering obligations. It mainly works in regulatory reporting and that way easing up the burdens of several businesses. The main advantage of RegTech is that it can be used in any business and industry like agriculture or pharmaceutical to meet the regulatory requirements.
Why do we need RegTech?
RegTech is one of the examples where we can see how technology is helping us regulate things. Technology has been used in regulatory functions for almost over 20 years now but the new solutions like RegTech are making things simpler. Here are some of the RegTech key features that are helping the financial services to maintain regulation.
1) Agility: Cluttered and twisted datasets can be ordered using the technology, which helps to maintain the data in simple ways.
2) Speed: Technology has certainly increased the speed of processes. Many reports can be executed and configured super quickly. You can get online identification done by Fully Verified companies faster.
3) Integration: Combining data from two systems is also becoming easier with help of the technology. Technology has made it easy to get the system up and running in a shorter time.
4) Analytics: It is impossible to analyze so much data and information available without the help of technology. RegTech is a good analytical tool that can help to decipher the huge chunks of this big data intelligently making simpler data sets that can be handled easily and used in various ways.
RegTech is helping many financial advisers perform their work easily without getting bogged down with complexities and paperwork. It is proving very helpful in automating and regulating various systems.