Digiterre’s Rajesh Jethwa is named in the top 30 of the 2023 CIO 100
As the complexity and speed of change in the tech ecosystem for financial services increase, so do the risks involved. Huge investment in digital capabilities and emerging technologies, together with continued customer and market impacting technology failures have driven regulators to enforce much, much tighter rules of engagement. As a result, since the financial crisis, financial institutions (FIs) have paid more than $321 billion dollars in fines and there’s now said to be a change to global financial regulation every 10 minutes!
FIs are increasingly challenged on their ability to understand, manage and mitigate risk exposure, with regulators asking that additional capital be held where firms are unable to demonstrate this. Simultaneously, unprecedented levels of complex tech change have increased the need for assurance over outcomes, whilst the pressure to curb or reduce costs remains. The outcome? A massive boom in regulatory technology solutions, otherwise known as ‘RegTech’; best defined as new technology that facilitates the delivery of regulatory requirements. So what areas of business is RegTech having most impact?
There are at least seven issue areas according to the IIF (Institute of International Finance), as follows:
So what are the main tech innovations that fall under the umbrella of RegTech and that are tackling these compliance issues? They include:
By: Rajesh Jethwa
Get the latest news and stay up to date